According to crpt.io, Bitcoin is equal to approximate $6400 USD which is actually above the average price of mining Bitcoin that lies between $5800 and $6200. This wouldn’t have caused a problem if it were fiat prices in a pair as USD/JPY or EUR/GBP referring to stocks because that would actually be the price of those stocks at that very instant. In that case, the prices are ascertained by the players in question and their proposition towards some specific stocks at that particular time. Someone not monkeying with the tags isn’t an unlikely probability but that would affect things later on.
Bitcoins are special in this regard. Diar Research, the information service, in their latest findings, published that about 55% of crypto wallets haven’t made outgoing transactions. Keeping in more than 200 Bitcoins (BTC) intact – worth over $1.3 Million currently. The owners don’t want to trade it in for fiat because it isn’t sensible to them. In the event the that the prices rise, the veterans in the crypto market will reap its benefits.
Although no outgoing transactions have been made with these wallets, it does not mean that these wallets haven’t been loaded more. 27% of these Bitcoin wallets have continued to add more coins to their stash. As for the rest, they’re either content with their share or might would’ve lost their assets, who knows?
From peaking to shorts (shorting Bitcoin) to now forming triangles that may not retrace, in the weekly chart is a sign of a bear market as shown at BTCUSDSHORTS.
As for the longs, there aren’t much and far too spaced out due to the volatile fluctuations as shown on BTCUSDLONGS. This is a good indication that we may see a short-term fall in Bitcoin price but those who remain steadfast in their faith will see an upward trend in the longs – and BTC value.