"Bitcoin On-Chain Indicators Suggest Weakness...Possibility of Prolonged Sideways Movement"

An analysis has emerged suggesting that considering Bitcoin (BTC)'s on-chain indicators, a prolonged sideways movement is expected.

According to Cointelegraph on the 16th (local time), 10X Research stated in a report, "The current Bitcoin on-chain indicators suggest a bearish market rather than a bullish one," and "Bitcoin is likely to move sideways for a long time."

10X Research focused on the Bitcoin Stochastic Oscillator indicator. The Stochastic Oscillator is an indicator that shows where a specific asset's recent closing price is located between its high and low points. According to this indicator, Bitcoin is currently exhibiting a typical pattern seen in the late stages of a bull market.

The change in the main buyers of the Bitcoin market is also noted. In the past, speculative buying by individual investors drove price increases, but recently, investors with a long-term holding tendency are forming a stable buying trend. Therefore, it is explained that rather than a rapid increase as in the past, a more gradual and steady upward trend is likely to develop.

As of 3:55 PM, based on the Binance USDT market, Bitcoin is trading at $83,579, down 2.20% from 24 hours ago.