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On-Chain Data Suggests Bitcoin Price Trend Reversal Is Yet To Occur — What’s Happening?

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On-Chain Data Suggests Bitcoin Price Trend Reversal Is Yet To Occur — What’s Happening? - NewsBTC

Quick Summary:

On the other hand, BTC’s transaction volume typically decreases during a price downtrend, as market participants engage less in buying and selling activities.  As of now, the Bitcoin transaction volume continues to fall, implying that even though the Bitcoin price seems to be recovering, a definitive trend reversal has not yet occurred.

Declining Volume Suggests Bitcoin Price Is Still In Downtrend In a post on the X platform, popular crypto analyst Ali Martinez shared an on-chain observation that could offer insight into recent Bitcoin price action.

For instance, on-chain data shows that some large investors accrued a significant amount in profit following the recent Bitcoin price rally above $60,000.

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Article Details

Author / Journalist: Opeyemi Sule

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-15 @ 15:00:51 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 438 words

Reading Time: 3 minutes read

Sentences: 66 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 22517731

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 7 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 15 hours ago

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Publisher ID: #102

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