The serious recession that started with the test of $ 10,000 level disturbs traders and traders as Bitcoin continues to fall. Obviously, all these refusals are not good for market sentiment, but it is also noteworthy that the bears could not make a comprehensive correction.
BTC has lost 12-EMA and 26-EMA daily for the first time since May 21. Fortunately, the long-term trendline created since March 12 is still solid. The latest trendline, set up on May 11, has not been damaged, which means that Bitcoin is still on the rise overall.
The decline in total volume continues, but not everything is bad for Bitcoin. Some key indicators are extremely optimistic and suggest that Bitcoin can finally take this $ 10,000 gap.
Will Positive Basic Metrics Help Bitcoin (BTC)?
According to the latest Santiment statistics, the number of Bitcoin whales continues to increase. Since June 3, more than 70 new addresses with 100 to 1000 BTC have joined the network.
Noticeable growth shows that many people want to keep Bitcoin. Looking at the short ratio of long positions in most crypto exchanges, long positions are clearly ahead.
On average, it has about 82% long positions compared to only 18% short positions. This number is even higher for Ethereum. For example, in BitMEX, Ethereum has 91.4% long position and 8.6% short position.
Other important key metrics in favor of Bitcoin are the number of Bitcoins and active addresses on exchanges. Crypto exchanges have observed a significant increase in Bitcoin withdrawals over the past 3 months.
This means that many people want to keep their Bitcoins in their personal wallets so that they are ready to store them and are not interested in selling.