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ZyCrypto 2024-12-10 10:34:00

Massive Crash Incoming? Old Bitcoins In Circulation Weaken Trader Sentiments

The number of old Bitcoin (BTC) in circulation has surged since the upturn in bullish sentiments. This heightened after the price soared past $100k last week, sparking a similar flow in altcoins. The re-activation of old BTC or dormant holders ticked sell sentiments, with traders keenly watching developments. Onchain analysts Maartunn flagged old Bitcoin flows in the market from Dec. 5, characterized by significant transfers from long-term and short-term holders as retail spiked. Recent circulation lowered sentiment, plun ging the asset below the $100k point. “ These transfers brought about a potential heavy selling pressure, leading the price to swiftly drop to $90,000. After recovering quickly, the price climbed back to $102,000. However, market activity has intensified once again, indicating a tendency for continued selling pressure,” CryptoQuant wrote. Traditionally, a bull run increases participation as holders look towards profit-taking. Most whales hodl in bear markets and seek to recoup profits when prices flip green. Similarly, the influx of Bitcoin in circulation can lead to sharp sales, with prices plunging, as seen in the past 48 hours. This is hinged on the same principles of asset flows to centralized exchanges. Assets are ticked for possible sale due to market conditions and ease of sales. According to analysts, Bitcoin hit strong resistance at $104k with the selling pressure slowing growth as long-term holders continue to sell assets, market commentators eye pullbacks before the next price upswing. What’s Next For Bitcoin Price? Bitcoin’s price gained momentum after the United States elections, breaking multiple all-time highs. BTC’s price tapping $104K means the asset hit points projected by most analysts this year. Bitcoin trades at $98,148 at press time, sliding 1% in the last 24 hours and reducing weekly gains to 3%. While long-term flows stand in the green zone, Bitcoin’s slight negative sentiments have taken a toll on the wider ecosystem. The total crypto market plunged 2.5%, with several altcoins recording huge losses. Despite the status quo, Bitcoin bulls maintain pressure for a positive swing as institutional investors set sights on critical buys. Recently, MicroStrategy acquired 21,550 BTC for $2.1 billion, igniting bullish activity in the market. Increased adoption hinged on flipping United States sentiments as the market awaits Donald Trump’s crypto policies, which remain a key factor. The President-elect has already made several pro-industry nominations.

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