Chances of Bitcoin’s ‘drop below $20k as of any month-end is very small’ – Here’s why

'Bitcoin drops below $20k as of any month-end is very small'- Here's why

These long-term holders did not have a lot of incentives to sell. According to data provided by Santiment, Bitcoin’s MVRV ratio was positive but only by a small margin. It suggested that many Bitcoin holders would still have to wait before their holdings could turn highly profitable.

Surprisingly, the number of short-term holders also declined over the last week as indicated by the growing long/short difference.One section of Bitcoin which was plagued by selling pressure was the mining sector. However, with the introduction ofThis was because miner profitability increased due to Ordinals. The reason for the growth in miner profitability was the increasing average block size of Bitcoin.

As the block size of Bitcoin increased, the number of fees earned by the miners grew. Thus, impacting the overall revenue generated.How much are 1,10,100 The growing block size not only helped miners but also aided the overall Bitcoin network by increasing the security of the blockchain.However, despite these improvements, traders remained skeptical of BTC’s growth. According to coinglass’s data, the number of short positions taken against BTC increased over the past few days.Well, only time will tell how all these factors will impact Bitcoin in the long run.Subscribe to get it daily in your inbox.

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