Analysts Recommend Waiting For Bitcoin (BTC) Traders Based On These Indicators

After a healthy drop above $40,000 on Tuesday earlier this week, Bitcoin (BTC) came under pressure again and dropped below $38,000 today. At the time of this writing, Bitcoin is down about 4% to $37,780 as traders try to profit from every price increase. However, several on-chain indicators suggest caution at this point, as analysts point to a wait-and-see stance at current levels. Bitcoin whale action is absolutely uncertain at this point, as the whale capitulation index has become neutral. CryptoQuant CEO Ki-Young Ju writes: “The Bitcoin market is very uncertain right now. Whale sales indicate a bear/fake bull market, and retail sales indicate a bull market. We are now neutral. Stop trading, be patient and wait for the next volatility.” Courtesy: CryptoQuant Data from Glassnode, on the other hand, shows that Bitcoin's SOPR (Spent-Output-Ratio) indicator is constantly fluctuating between gains and losses, showing no clear price action at the moment. With this uncertainty in the macro market, it would be wise for traders not to take positions until a clear trend is established. Profit on Spent Ratio (SOPR) is an all-weather tool for monitoring #Bitcoin market sentiment. Following the market-wide capitulation in May, SOPR is currently fluctuating between gains and losses, indicating the market is uncertain about the macro direction. – glassnode (@glassnode) Jun 18 Some Positive Indicators for 2021 Bitcoin For the first time since October 2020, the change in HODLer's net position turned positive. This means that there are net buyers in the market as opposed to net sellers who can push the price up. This is only a marginal change as of now and should be maintained to define a clear trend reversal. Courtesy: Glassnode On the other hand, the direction of Bitcoin exchange flows is also changing from net currency deposits to stock market exits. BTC bid disappearing from exchanges is a bull

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