Sunday, June 26, 2022
Arover
  • Home
  • Cryptocurrency
  • Economy
  • Technology
No Result
View All Result
  • Home
  • Cryptocurrency
  • Economy
  • Technology
No Result
View All Result
Arover
No Result
View All Result
Home Cryptocurrency

As ‘exhausted’ bears sell Bitcoin at a loss, analysts predict an impending bull run

Zachary Pearce by Zachary Pearce
September 14, 2021
in Cryptocurrency
0
As 'exhausted' bears sell Bitcoin at a loss, analysts predict an impending bull run
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

New data confirms that Bitcoin bears (BTC) are “exhausted” and are even selling at a loss.

In a tweet published on Tuesday, Philip Swift, analyst of the Decentrader trading suite, identified an uptrend in the spent output profit ratio (SOPR).

Bitcoin bears are short on FUD

The SOPR, a classic metric for determining oversold periods in Bitcoin markets among other things, last week provided the first buy signal since July.

Last time, this signal saw BTC / USD hit local highs of $ 53,000 in the following weeks, and now many are hoping to see a rerun.

“We’ve seen more loss-making on-chain sales over the past few days,” Swift commented.

“It’s a bullish factor, especially after the aggressive sell-off this summer. The bears are increasingly exhausted. Soon the bulls will take control. “

Bitcoin SOPR chart
Bitcoin SOPR chart. Source: Decentrader

The SOPR isn’t the only element in the Bitcoin market calling for a return to higher levels. Investors themselves are betting on continuation, adding to positions despite last week’s correction.

Others have reported that the ongoing drastic drop in available liquid BTC supply could contribute to the bullish momentum in the price.

MicroStrategy may act as a custodian for other companies

One group of investors that is certainly not selling is institutions, as MicroStrategy’s new purchase of 5,050 BTC announced on Monday highlights.

Related: Institutional traders come to Solana as demand for ETH and BTC falls

Commenting on the updated chart of BTC’s reserves in corporate balance sheets, analyst Willy Woo said the company could play the role of Bitcoin’s custodian for others.

“If you’re wondering why MicroStrategy is such a large holder, I believe public companies find it easier to buy a convertible debt instrument from MicroStrategy to gain exposure to BTC than to own the underlying asset. In my view, MicroStrategy owns BTC for many companies, ” has explained in a Twitter thread.

Annotated chart of BTC reserves in the balance sheet of public companies
Annotated chart of BTC reserves in the balance sheet of public companies. Source: Willy Woo / Twitter

MicroStrategy’s total allocation currently exceeds 114,000 BTC, with the average purchase price of approximately $ 27,700, which is 40% below the current spot price.


Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.

Tags: AnalystsbearsBitcoinBullexhaustedimpendinglosspredictrunsell
Previous Post

Power Exchange, GME: energy price up by 6.3% in the last week

Next Post

Ernst&Young Collaborates with Polygon

Zachary Pearce

Zachary Pearce

Related Posts

Huawei unveils the Nova Y90, a mid-range without big surprises
Cryptocurrency

Huawei unveils the Nova Y90, a mid-range without big surprises

by Zachary Pearce
June 26, 2022
Magimix Cook Expert food processors: which one to choose?
Cryptocurrency

Magimix Cook Expert food processors: which one to choose?

by Zachary Pearce
June 26, 2022
Paribu
Cryptocurrency

Popular Chocolate Brand Mars Inc. Files NFT and Metaverse Trademark Application for M&Ms

by Zachary Pearce
June 26, 2022
Registry of cryptocurrency operators: who is obliged to register?
Cryptocurrency

Registry of cryptocurrency operators: who is obliged to register?

by Zachary Pearce
June 26, 2022
Cryptocurrency

Good deal – The HP Pavilion Aero 13 (Ryzen 5 5600U) 16 GB / 512 GB laptop at € 699.00 (-24%)

by Zachary Pearce
June 26, 2022
Next Post
Ernst&Young Collaborates with Polygon

Ernst&Young Collaborates with Polygon

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Cryptocurrency
  • Economy
  • Technology

Browse by Tags

Amazon Analysis Announces Billion Binance Bitcoin black BTC Buy Cdiscount CEO connected Crypto Cryptocurrencies cryptocurrency deal digital economy electric ETH Ethereum finance Friday Galaxy Global warming Good launches Market Metaverse Million NFT plan Price Pro review sale sales Samsung smartphone Space Star stars tech telecoms Test
Arover

Latest News About Crypto Money News , Bitcoin News , Altcoin News And Price Analysis cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance price updates.
Contact Us : [email protected]

Categories

  • Cryptocurrency
  • Economy
  • Technology

Browse by Tag

Amazon Analysis Announces Billion Binance Bitcoin black BTC Buy Cdiscount CEO connected Crypto Cryptocurrencies cryptocurrency deal digital economy electric ETH Ethereum finance Friday Galaxy Global warming Good launches Market Metaverse Million NFT plan Price Pro review sale sales Samsung smartphone Space Star stars tech telecoms Test

Recent Posts

  • Huawei unveils the Nova Y90, a mid-range without big surprises
  • Magimix Cook Expert food processors: which one to choose?
  • Popular Chocolate Brand Mars Inc. Files NFT and Metaverse Trademark Application for M&Ms

© Arover 2021. All Rights Reserved.

No Result
View All Result
  • Home
  • Cryptocurrency
  • Economy
  • Technology

© Arover 2021. All Rights Reserved.