- Bitcoin’s price has been incredibly stable throughout the past couple of weeks
- Even bearish news developments that would have – in years past – catalyzed far-reaching selloffs have done little to shake its present strength
- Analysts are now widely noting that the traditional markets will be a guiding force for BTC going forward
- Which direction they begin trending mid-term will likely influence the benchmark crypto
- One on-chain analyst is now putting forth an interesting observation that explains why bearish news developments have not been impacting BTC
Featured image from Unsplash.
Charts from TradingView.
Where the asset trends next will likely depend on whether ,200 or ,200 are broken first, as these two levels have been established as its mid-term range boundaries.
This stability has been somewhat surprising, as there have been multiple bearish technical developments that have done little to provide BTC with any downwards momentum.
Bitcoin Remains Stable as It Trades Below $11,000
One on-chain analyst is noting that this is the result of new investors pouring into BTC at an unprecedented rate, absorbing the heavy sell pressure coming from larger players within the market.
“Fundamental buy pressure from new HODLers is undeniable right now. But for short term traders, sell walling on derivative and spot exchanges shows whales are in price suppression mode. It may whipsaw randomly a bit, but the long game will win.”
The recent news surrounding BitMEX is the type of thing that would catalyze intense selloffs in the past, but somehow Bitcoin has avoided seeing any type of far-reaching price decline.
On-Chain Analyst: New Investors Have Absorbed Selling Pressure from BTC Whales
If this is the case, then Bitcoin’s mid-term outlook is incredibly bright, and it may only be a matter of time before its price is able to ascend.
Willy Woo, a prominent on-chain analyst, believes that this is due to immense buying pressure from new investors who are entering the market. He said:
At the time of writing, Bitcoin is trading up marginally at its current price of ,630. This marks only a marginal decline from where it was trading at earlier on in the week.
The cryptocurrency has generally been trading in the mid-,000 range for the past couple of weeks. Any attempt to break this range has been futile.
Bitcoin and the entire cryptocurrency market have been facing some immense turbulence throughout 2020, with the first part of the year greatly favoring bulls. In contrast, the rest of the year primarily consisted of consolidation.
Send bulk sms with Bitcoin and don’t worry If your link gets reported. We are constantly monitoring your links and We’ll pause your campaigns if any issue…