{"id":201577,"date":"2023-11-27T21:15:39","date_gmt":"2023-11-27T15:45:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-mid-term-holders-step-up-signalling-bullish-approach-time-to-buy-btc-crypto-news\/"},"modified":"2023-11-27T21:15:44","modified_gmt":"2023-11-27T15:45:44","slug":"bitcoin-mid-term-holders-step-up-signalling-bullish-approach-time-to-buy-btc-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-mid-term-holders-step-up-signalling-bullish-approach-time-to-buy-btc-crypto-news\/","title":{"rendered":"Bitcoin Mid-Term Holders Step Up Signalling Bullish Approach, Time To Buy BTC? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<p>\nBitcoin slows down the uptrend at $38,000 to confirm support towards $36,000. Investors need more assurance that the rally will continue with BTC breaking above $38,000.\t\t\t\t<\/p>\n<div>\n<p class=\"p1\">The crypto market has started the new week losing part of the gains accrued in November. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\/\"><span class=\"s1\">Bitcoin price<\/span><\/a>, for instance, is down 1.6% to $36,803 while Ethereum trades 2.5% down on the day at $2,018.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p class=\"p1\">Most altcoins are in the red including the likes of Binance Coin down 2.7%, XRP down 4%, and Solana down 5.2% according to live market data by\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/\"><span class=\"s1\">CoinGecko<\/span><\/a>.<\/p>\n<p class=\"p1\">Last week Bitcoin price rallied closing the gap to $38,000 amid renewed optimism regarding the possible approval of Bitcoin spot exchange-traded funds (ETFs) after BlackRock met with the Securities and Exchange Commission (SEC) last week.<\/p>\n<p class=\"p1\">Grayscale, the biggest digital asset management company also worked closely with the agency to modify its proposal to convert the Bitcoin Trust (GBTC) product to a spot BTC ETF.<\/p>\n<p class=\"p1\">Experts and market participants believe the SEC could approve a bunch of applications within weeks, possibly before year-end. However, nothing is cast in stone because the regulator might still decide to delay its decision one more time.<\/p>\n<p><strong>Recommended for you:<\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/shiba-inu-price-prediction-as-burn-rate-surges-442x-1-shib-incoming\/\">Shiba Inu Price Prediction As Burn Rate Surges 442x, $1 SHIB Incoming?<\/a><\/p>\n<h2 class=\"p1\">Bitcoin Price Risks Rising Wedge Pattern Breakdown<\/h2>\n<p class=\"p1\"><span class=\"s1\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-btc-price-volatility-ahead-as-open-interest-moves-in-the-danger-zone\/?utm_source=24hrsupdatebitcoin\">Bitcoin\u2019s technical outlook<\/a><\/span>\u00a0has significantly weakened over the past few days, with losses extended from $38,000 to the current market value of $36,833. Failure to break resistance at $38,000 is leaving the largest crypto unstable while investor confidence in the uptrend erodes.<\/p>\n<p class=\"p1\">Continued dips below $37,000 are exerting pressure on key support areas at $36,000 and $34,000. It would be premature to rule out possible losses to $33,000 and lower, especially with the formation of a rising wedge pattern on the weekly chart.<\/p>\n<figure id=\"attachment_166379\" aria-describedby=\"caption-attachment-166379\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12.png\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-166379\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12.png\" alt=\"Bitcoin price weekly chart \" width=\"2710\" height=\"1454\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12.png 2710w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-300x161.png 300w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-1224x657.png 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-768x412.png 768w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-1536x824.png 1536w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-2048x1099.png 2048w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-27_18-05-12-150x80.png 150w\" sizes=\"auto, (max-width: 2710px) 100vw, 2710px\"\/><\/noscript><\/a><figcaption id=\"caption-attachment-166379\" class=\"wp-caption-text\">Bitcoin price weekly chart | Tradingview<\/figcaption><\/figure>\n<p class=\"p1\">This pattern forms during bullish periods, allowing for consolidation before the price retraces further. It is formed by two climbing trendlines\u2014one connecting a series of higher highs and the other higher lows.<\/p>\n<p class=\"p1\">The formation of the rising wedge pattern does not guarantee that declines will materialize because it is only validated when the price slides below the lower trendline support.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p class=\"p1\">That said, overhead pressure must increase to push Bitcoin below $33,000 to validate the pattern. Otherwise, an impelling above the upper trendline resistance would imply a renewed bullish thesis, with Bitcoin able to approach the resistance between $38,000 and $40,000 for gains targeting $50,000 before year-end.<\/p>\n<p class=\"p1\">The Moving Average Convergence Divergence (MACD) indicator has a bullish outlook, upholding the buy signal from October 16. In addition, Bitcoin price sits above all three bull market indicators, starting with the 200-week EMA, the 100-week EMA, and the 50-week EMA.<\/p>\n<p class=\"p1\">If bulls uphold support at between $35,000 and $36,000, the rally above $38,000 would be a matter of when and not if.<\/p>\n<h2 class=\"p1\">Bitcoin Mid-Term Holders Increase Exposure<\/h2>\n<p class=\"p1\">Insights from blockchain analytics platform IntoTheBlock shined a light on BTC market cycles based on \u201cthe balance by time-held variation\u201d indicator. This specially designed indicator divides Bitcoin holders into three categories: Long-term holders, mid-term holders, and short-term holders.<\/p>\n<p class=\"p1\">Using this indicator investors can begin to appreciate how the behavior of each cohort impacts sentiment and the price.<\/p>\n<p class=\"p1\">For instance, long-term holders (STH) have slowed their uptake of BTC over the last three months when compared to their activities during the previous 12 months.<\/p>\n<p class=\"p1\">However, there is an interesting outlook depicted by mid-term holders whom IntoTheBlock refers to as \u201ccruisers.\u201d This cohort of investors has increased their share of BTC supply, pointing at a more optimistic approach.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Exploring Bitcoin&#8217;s Market Dynamics: A Dive into Balance Changes by Time Held<\/p>\n<p>We&#8217;ve analyzed a key on-chain indicator for determining market cycles: the balance by time-held variation. It categorizes Bitcoin holders into three groups based on the duration of their holdings. This\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Ol0fitnnbn\">pic.twitter.com\/Ol0fitnnbn<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intotheblock\/status\/1729092775197409455?ref_src=twsrc%5Etfw\">November 27, 2023<\/a><\/p>\n<\/blockquote>\n<p class=\"p1\">Lastly, short-term holders have been slashing their Bitcoin balances, embracing a cautious approach. However, the rate of decrease is slower than the pattern seen in 2022.<\/p>\n<p class=\"p1\">\u201cThe contrasting trends between long-term accumulation and mid-term holder activity suggest that we\u2019re in a transitioning market phase.\u201d<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p class=\"p1\">Long-term holders are likely to have bought Bitcoin below $30,000 and are now profiting with\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/crypto-prices-today-bitcoin-pepe-coin-plummet-as-lunc-rallies\/?utm_source=24hrsupdatebitcoin\"><span class=\"s1\">Bitcoin battling resistance at $38,000<\/span><\/a>. Mid-term holders, on the other hand, are seeking exposure amid the optimism of Bitcoin spot ETFs being approved.<\/p>\n<h3 class=\"p1\">Related Articles<\/h3>\n<p><noscript><link rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/936f8d0c426cbecaa734165cec3647d0.css\" media=\"all\" data-minify=\"1\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.3.2\" type=\"text\/css\" media=\"1\"\/><\/noscript><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin slows down the uptrend at $38,000 to confirm support towards $36,000. Investors need more assurance that the rally will continue with BTC breaking above $38,000. The crypto market has started the new week losing part of the gains accrued in November. Bitcoin price, for instance, is down 1.6% to $36,803 while Ethereum trades 2.5% [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":201578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-201577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/201577","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=201577"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/201577\/revisions"}],"predecessor-version":[{"id":201579,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/201577\/revisions\/201579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/201578"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=201577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=201577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=201577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}