Summary
- Bitcoin is showing weakness with a possibility of further price decline.
- The potential for massive Bitcoin sell-offs in the U.S. and uncertain interest rate policies are cited as reasons for the decline.
- In the long term, Bitcoin is expected to rebound after further adjustments.
Bitcoin (BTC) has turned bearish, but an analysis suggests it will rebound again.
On the 10th, Avocado, a contributor to the on-chain data analysis platform CryptoQuant, stated, "Bitcoin's price has been declining daily due to the uncertainty of the Federal Reserve's rate cuts and the possibility of massive Bitcoin sell-offs in the United States."
He explained, "The current buy/sell ratio indicates a downward trend. This suggests the possibility of further price declines. Additionally, investors holding Bitcoin for less than 155 days are selling at a loss."
He added, "However, this may be short-term market noise," and "From a long-term perspective, Bitcoin's price will rebound after further adjustments."
Meanwhile, Bitcoin is trading at around $92,800 on the Binance Tether (USDT) market, down approximately 2.5% from the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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