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Sunday, May 29, 2022

Bitcoin Price Has Stalled

Anyone trying to analyze the last three months of Bitcoin price will definitely find a channel with an ascending pattern that was previously initiated in June. Now, selecting a specific time frame for technical analysis will not be a tricky topic, but in most circumstances, the odds get higher the longer the trends prevail.

Market bears would also look towards ways of justifying their views even when BTC has been touching all-time highs following the price surge of the consumers in the United States to 6.2%, which will be the biggest surge in inflation seen over the last 30 years. 

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However, the data received from on-chain analytics firm Glassnode has already displayed that investors who are long-term have already stopped accumulating their net, and have started diversifying it into various altcoins. According to Willian Clemente, an analyst, the recent net selling from that investor’s class was the first in about six months- which then signaled a ‘sell into strength’ move.

It has also been highlighted that the network of Bitcoin was further upgraded on the 14th of November in order to improve the privacy and scripting capabilities of the cryptocurrency. From a perspective of trading, this would then create a potential event- with the improvement expected largely by the crypto community. 

Data shows Bitcoin pro traders are neutral-to-bullish

There was a spike of 20% on the 9th of November, with Bitcoin accumulating around 14% gains in just three days. This period of excessive optimism was subsequently retracted with the cryptocurrency getting corrected to 9% after the all-time high of $69,100 on the 10th of November. Currently, the basic indicator would stand at around 12%, which would then signal confidence in most of the crypto traders. 

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Most data analysts have highlighted that there is certainly room for more leverage from buyers of Bitcoin, which would ideally see the price continuing to trade within the ascending channel that was previously initiated in late June.

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