The current market conditions prevent bullish market movements even for Bitcoin (BTC) which is said to be the king of cryptocurrencies.
Recently, a crypto researcher named Nino published a study that shows that Bitcoin’s long-term position has been removed. As this begins, experts in the cryptocurrency market have warned that the US Federal Reserve’s efforts to suppress inflation by stopping money cannot be reduced anytime soon. , which may have an impact on the price of BTC.
Warming Up For Crypto Winter – BTC
Nino used a long-term profit index. This measures whether long sellers are making a profit.
As of this writing, Bitcoin is trading at $16,855, down 1.9% over the past seven days, according to data from Coingecko. Nino noted that after the CPI and FOMC announcements, the value of Bitcoin saw a significant change.
Soon, LTOPR went up. Many people who have been using Bitcoin for a long time may withdraw their use at this time.
However, glassnodealerts recently tweeted that holders of 1 Bitcoin hit a new high of 973,148. As long positions are liquidated by long-term investors, new investors will hold newly distributed tokens at lower prices.
These increases show that although the general opinion is very negative, investors continue to look forward to Bitcoin and crypto in general. Other developments, whether controversial or not
BTC has gained 0.4% in the last 24 hours to its current price of $16,855.
But that could increase in the coming days or months as Russia turns to cryptocurrency markets to counter sanctions. According to Newsweek, Russia is considering using cryptocurrency as a war-weary country looking to bail out its wallets in the face of tough Western sanctions imposed in response to President Vladimir Putin’s war in Ukraine.
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Long Term Investors
However, this may also be a threat to BTC entering the circulation in this country, but without current rules in the western world regarding cryptocurrencies, we may see a price increase as soon as Russia -implemented his new law effectively.
Currently, BTC is trying to recover below the 50% Fib level while it is supported at $16,452. A price close above the 50% Fib level will increase investor sentiment. Meanwhile, data from CoinGlass also shows that investors who bought BTC are in it for the long term in long positions rather than short positions.