Bitcoin $115,546.30 The price decreased by 1.3 percent in the last 24 hours and traded around 113,600 dollars. This decrease led to some investors’ concerns that prices could have further decline. However, it is stated that short -term investors make aggressive purchases and this may be a signal of a possible recovery.
Short -term investors make purchases in the decline
In recent days, there has been a remarkable increase in the amount of BTC in the hands of short -term investors who have purchased Bitcoin in the last 155 days. The amount of BTC, which was 2,460,514 seven days ago, has now reached 2,503,798. This increase took place during a correction during which the price fell from $ 123,000 to $ 112,000.
This behavior was observed in the past. At the beginning of June, the price fell from $ 105,900 to $ 104,700, while the short valley increased BTC stocks, and then the price of Bitcoin increased again. Such purchases are considered as investor confidence that prices will recover in the short term.
Despite the damage, purchases continue
Short -term investors continue to receive BTC with damage to new decreases. The short -term investor’s output profit rate (SOPR) descends to the lowest value of the last month on August 18, showing that these people do sales by damaging.
The fall of SOPR value below 1 reports that this group accepts damage during purchases. After a similar situation in the past, a upward movement of Bitcoin was observed.
The fact that short -term investors maintain their purchases despite damage points to trust rather than panic sales in the relevant period.
Price recovery depends on the critical support level
Although Bitcoin price continues for the time being, there are signs of the possibility of recovery. The price increased to $ 113,600 and experienced a slight rise. The strongest level of support is $ 111,900. The protection of this level is considered as the beginning of a possible recovery.
At the same time, the $ 114,600 level is seen as a short -term resistance zone. 116.715 and $ 118,197 levels stand out as the next resistors. Passing over 118.200 dollars may indicate that the market momentum will return in a positive direction.
In the past, similar periods in which short -term investors made high purchases and SOPR returned to negatives coincided with the time when the price was bottom. At that time, the price increased by $ 10,000 in days.
Glassnode analysis, “short -term investors may show that the price base has been formed with accelerating purchases recently,” the statement was given.
In the event that this situation occurs again, there may be a new rise in the price of Bitcoin. However, if the price fell to $ 111,900 support, it is also stated that positive expectations may lose their validity.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
