BTC is having an interesting time out in the market. In fact, the market is witnessing an unstable condition for Bitcoin. At times, Bitcoin is seeing an upward trend and then again returning to the base. In fact, this is a long-running condition that we are talking about. In the past week too, the BTC price bulls failed to raise the market. This week, the situation remains the same.
Various sources have shown that the BTC owners are selling them even at a loss. However, at the same time, the interest of buyers is giving enough hope. If you are looking for more details on these issues, then this article is the perfect stop for you. Therefore, keep reading the article to know more about the recent BTC trend in the market.
Tussle Continues for Classic Bitcoin Price Trendline
TradingView and Cointelegraph Markets Pro have published interesting data involving BTC. These two sources stated that BTC/USD are falling to repeatedly test the key bear market trendline. In fact, on the 4th of August, the pair temporarily raised hopes as Wall Street opened. The pair spiked well above $23,000. However, they did not take long to return to their usual behaviour.
In fact, the news that investment giant BlackRock had partnered with Coinbase to provide crypto trading to clients also failed to change the atmosphere. The 200-week MA just above $22,800 continued, displaying the familiar status-quo. The tussle for control still continued between the bulls and bears. According to the on-chain analytics resource Material Indicators, on that day one class of whales was active on Binance and showed a more risk-off mood. The bid interest was only at around $22,400 and resistance was built up at $23,400.
The Buying Data
As far as the topic of buyer interest is concerned, the on-chain data additionally showed a remarkable increase in the portion of the overall BTC turning illiquid. The Illiquid Supply Shock Ratio (ISSR) matric witnessed a ‘massive spike’ in July. When BTC is taken out of circulation, the ISSR sees an increase. This in turn increases the chance of a price rise.
Commenting on the situation, the famous commentator called Game of Trades stated that such a buying spree has been a rare sight since 2018. However, Glassnode stated that the owners are selling BTC at loss, but the demand has really been on a rise.
That is all that we know about the recent trend of BTC in the market. Stay tuned for more updates.