Bitcoin, the world’s largest cryptocurrency, recorded a significant sell-off between June-July 2022. This, understandably, sent its price tumbling down the charts. In fact, BTC saw its price fall below the $20k-mark, with many holders exiting the network in fear of aggravated losses. However, a new month could see a new beginning for the crypto. So, […]
“With a neutral signal now as prices have risen and token circulation has declined slightly, August can move either direction.”
On the other hand, despite this ‘neutral’ conclusion, holders did maintain an undeterred approach towards the flagship coin. For instance, the number of addresses holding Bitcoin highlighted an un-biased relationship.The short-term holders known as “weak hands” displayed a somewhat bearish scenario. As pointed out by an analyst in a CryptoQuantThat’s exactly the case here.The aforementioned metric saw a significant rise in recent days, as seen in the graph mentioned above.
However, now that the SOPR approached the “SOPR=1” line representing the “breakeven” point, one could expect more selling pressure. As the metric hits this level, investors who faced a loss “think they have now got their money back” and thus “sell their coins here.” This would lead to a higher than usual selling pressure from the STHs at this mark. By extension, providing resistance to the price of Bitcoin. BTC might see some downtrend this time going into August, unless the long-term holders balance this move.
Whatever the case may be, some enthusiasts still believe that BTC remains far from a new bull cycle. For instance, prominent crypto-analyst TAnalyst recently
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