Analysis of the current situation in the Bitcoin market indicates a decrease in selling pressure from long-term holders. This may affect the future price movements.
Easing Selling Pressure from Long-Term Holders
Data from CryptoQuant shows that Bitcoin's Value Days Destroyed (VDD) metric has been steadily declining in recent weeks, indicating reduced selling activity from long-term holders. In April 2024, the VDD spiked as long-term holders sold large amounts of Bitcoin at a price peak around $110,000. The current decline in selling pressure may contribute to a calmer market environment.
Impact of September's Options Expiry on Market
September brings increased uncertainty to the Bitcoin market. Analysts noted that September is historically a weak month for cryptocurrencies, as factors such as institutional rollovers and quarterly settlements often reduce capital inflows. An estimated $3.8 billion in Bitcoin options are set to expire, creating a cautious atmosphere. The current put-call ratio stands at 1.41, which also indicates bearish sentiment.
Current Trends and Predictions for Bitcoin
Recently, Bitcoin's price increased by 1.7%, crossing the $112,500 mark. Analysts like Rekt Capital are closely monitoring the $113,000 level. A successful retest or daily close above this price could confirm a breakout, potentially leading to further upward momentum.
The easing of selling pressure from long-term holders and the current market conditions create an interesting scenario for Bitcoin. However, September's uncertainty and options expiry may impact future price fluctuations.
