{"id":148628,"date":"2023-09-02T14:20:59","date_gmt":"2023-09-02T08:50:59","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=148628"},"modified":"2023-09-02T14:20:59","modified_gmt":"2023-09-02T08:50:59","slug":"btcs-recovery-may-be-determined-by-a-change-on-this-front-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/btcs-recovery-may-be-determined-by-a-change-on-this-front-heres-why-crypto-news\/","title":{"rendered":"BTC&#8217;s recovery may be determined by a change on this front. Here&#8217;s why&#8230; &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/04\/IMG-4881-1-80x80.jpg\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" \/><\/p>\n<p>editors<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: September 2, 2023<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/p><\/div>\n<div>\n<ul>\n<li><em>Bitcoin holders with a 0.1% supply of BTC added more than $1.5 billion in BTC holdings.<\/em><\/li>\n<li><em>BTC\u2019s MACD showed some recovery, however, the RSI still remained at the mercy of selling pressure.\u00a0<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> managed to end August on a sad note given its drop to the $25k price level on 31 August. Furthermore, at press time, the king of cryptocurrencies didn\u2019t exactly make a positive move on the price charts. It traded at $25,641 at the time of writing which was 1.50% lower over the last seven days, data from CoinMarketCap indicated.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<p>Despite BTC\u2019s recent drop, its demand on the retail front did show some accumulation from holders. As per a recent tweet from IntoTheBlock, addresses holding 0.1% of the<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/bitcoin-btc-takes-a-trip-back-to-the-covid-era-heres-how\/\" data-wpel-link=\"internal\"> Bitcoin<\/a> supply have added more than $1.5 billion in BTC holdings. This has happened over the last two weeks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Addresses holding 0.1% of the Bitcoin supply or more have added over $1.5B in BTC holdings in the last two weeks. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/MrHKLXO9qx\" data-wpel-link=\"external\">pic.twitter.com\/MrHKLXO9qx<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intotheblock\/status\/1697641436437459019?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">September 1, 2023<\/a><\/p>\n<\/blockquote>\n<p>While this was good news on the retail front, some BTC whales had a slightly different outlook.<\/p>\n<p>While demand from the retail segment did seem good news, there were some disruptions in whale holdings. As can be seen from the chart below, whales that held 10,000 \u2013 100,000 (red) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/is-bitcoins-btc-recovery-here-to-stay-this-data-indicates-that\/\" data-wpel-link=\"internal\">BTC<\/a> did trim their holdings between 27 and 29 August. However, a recovery was seen in their holdings on 31 August.<\/p>\n<p>Additionally, whales that held 1,000 \u2013 10,000 (yellow) BTC trimmed their balances and witnessed a downfall. As of 1 September, these holders held only 24.09% BTC.<\/p>\n<div id=\"attachment_340310\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340310\" class=\"size-full wp-image-340310\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340310\" class=\"size-full wp-image-340310\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.15.54-01-Sep-2023.png\" alt=\"\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-340310\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<h4>BTC in a fix?<\/h4>\n<p>Data from the on-chain intelligence platform showed that BTC\u2019s weighted sentiment witnessed a noticeable drop on 29 August. At press time, it stood at 1.38 which indicated that investors didn\u2019t exactly feel bullish about the king coin.<\/p>\n<p>However, a look at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/viabtc-navigating-price-volatility-with-hedging-tools\/\" data-wpel-link=\"internal\">BTC\u2019s<\/a> social dominance portrayed a different picture. Although the events of the last few days did lead to BTC\u2019s social dominance taking a beating, at press time, this metric showed recovery. A recovery could be taken as an indication of growing dominance on the social front.<\/p>\n<div id=\"attachment_340311\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340311\" class=\"size-full wp-image-340311\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340311\" class=\"size-full wp-image-340311\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-12.47.04-01-Sep-2023.png\" alt=\"\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-340311\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p>But will the growing interest on the social front turn into momentum on BTC\u2019s price front? Let\u2019s take a look.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-btc-to-usd\" data-wpel-link=\"internal\">1,10,100 BTCs worth today<\/a>?<\/p>\n<hr \/>\n<h4>Some hope on the price front<\/h4>\n<p>Although BTC\u2019s price action did disappoint several traders, relief could be on its way. This was because, at the time of writing, BTC\u2019s Moving Average Convergence Divergence (MACD) showed a bullish crossover. This could be taken as a bullish sign. To add to the sentiment, BTC\u2019s Awesome Oscillator (AO) also flashed green albeit below the zero line.<\/p>\n<div id=\"attachment_340312\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340312\" class=\"size-full wp-image-340312\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"1100\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53-300x129.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53-1024x440.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53-768x330.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53-1536x660.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53-2048x880.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-340312\" class=\"size-full wp-image-340312\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-01_14-34-53.png\" alt=\"\" width=\"2560\" height=\"1100\" \/><\/a><\/p>\n<p id=\"caption-attachment-340312\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div>\n<p>However, BTC\u2019s Relative Strength Index (RSI) stayed way below the neutral line. This made it clear that although some indicators showed signs of recovery, selling pressure was the dominant force in the market.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>editors Posted: September 2, 2023 Bitcoin holders with a 0.1% supply of BTC added more than $1.5 billion in BTC holdings. BTC\u2019s MACD showed some recovery, however, the RSI still remained at the mercy of selling pressure.\u00a0 Bitcoin [BTC] managed to end August on a sad note given its drop to the $25k price level [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":148629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-148628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148628"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148628\/revisions"}],"predecessor-version":[{"id":148631,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148628\/revisions\/148631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148629"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}