{"id":641955,"date":"2024-09-15T15:00:51","date_gmt":"2024-09-15T15:00:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=641955"},"modified":"2024-09-15T11:05:10","modified_gmt":"2024-09-15T11:05:10","slug":"bitcoin-price-trend-reversal-is-yet-to-occur","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-trend-reversal-is-yet-to-occur\/","title":{"rendered":"On-Chain Data Suggests Bitcoin Price Trend Reversal Is Yet To Occur \u2014 What\u2019s Happening?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The price of Bitcoin (BTC) ended the week on a good note after making <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-hits-60000-as-market-conditions-align-for-crypto-price-surge-santiment\/\" target=\"_blank\" rel=\"noopener \">a late rally on Friday<\/a>, September 13. This recent price upswing has led to talks about the Bitcoin price making a comeback following a horrendous start to September.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, the latest on-chain data suggests that the ongoing price recovery might not exactly be what it looks like. So, what then is happening with the price of Bitcoin?<\/span><\/p>\n<h2><b>Declining Volume Suggests Bitcoin Price Is Still In Downtrend<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In a post on the X platform, popular crypto analyst Ali Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/87722035\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> an on-chain observation that could offer insight into recent Bitcoin price action. The relevant indicator here is Santiment\u2019s transaction volume metric, which monitors the total amount of a cryptocurrency transacted within a given time interval.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/112000-eth-moved-exchanges-impact-on-ethereum-price\/\" target=\"_blank\" rel=\"noopener \">112,000 ETH Moved To Crypto Exchanges In The Past Day \u2014 Impact On Ethereum Price?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Historically, the transaction volume metric can be associated with the strength and direction of the market&#8217;s price trends. According to Martinez, Bitcoin\u2019s transaction volume tends to rise during periods of upward price movement, as the market is usually more active. On the other hand, BTC\u2019s transaction volume typically decreases during a price downtrend, as market participants engage less in <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-puell-multiple-finally-enters-buy-territory\/\" target=\"_blank\" rel=\"noopener \">buying and selling activities<\/a>.\u00a0<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GXbsEGoW4AAQfdx?format=png&amp;name=medium\" alt=\"bitcoin price\" width=\"1199\" height=\"538\"><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/ali_charts\/status\/87722035\" target=\"_blank\" rel=\"noopener nofollow\">Ali_charts\/X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">As of now, the <a href=\"https:\/\/uniquehot.com\/news\/as-bitcoin-supply-tightens-could-a-breakout-be-on-the-horizon\/\" target=\"_blank\" rel=\"noopener \">Bitcoin transaction volume<\/a> continues to fall, implying that even though the Bitcoin price seems to be recovering, a definitive trend reversal has not yet occurred. This sustained decline in volume indicates market uncertainty, suggesting that the price of Bitcoin may continue to consolidate or even experience further downward movement.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The reduced market activity could be associated with the bearish history of BTC in September, with investors likely choosing to navigate the market with more caution. Ultimately, this indicates that the latest Bitcoin rally may be short-lived, with the premier cryptocurrency likely not to build on its recent momentum.\u00a0<\/span><\/p>\n<h2><b>Bitcoin Whales Realize $50 Million In Profit\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">It appears that some Bitcoin holders are not waiting for the flagship cryptocurrency to <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-supply-on-exchange-tightens-could-a-new-bull-run-be-just-weeks-away\/\" target=\"_blank\" rel=\"noopener \">resume its bull run<\/a> to cash in on their profits. 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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ali Martinez revealed in a separate post on X that BTC whales took advantage of the recent price spike to realize more than $50 million in profits. This is based on an increase in long-term holder whales\u2019 realized profit (in USD), implying that old large investors sold their coins at a higher price than the acquisition price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This level of profit-taking can be a negative signal for the premier cryptocurrency, as large sell-offs can cause downward pressure on the Bitcoin price. Interestingly, the price of BTC has not made any significant movement in the past day and continues to hover around the $60,000 level.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-to-ethereum-eth-btc-180\/\"> Time To Convert Bitcoin To Ethereum? ETH\/BTC Charts Gears Up For 180% Surge<\/a><\/div>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/BrhzCeMx\/\" alt=\"Bitcoin price\" width=\"2174\" height=\"1432\"><figcaption class=\"wp-caption-text\">The price of BTC on a daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/BrhzCeMx\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image created with Dall-E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin (BTC) ended the week on a good note after making a late rally on Friday, September 13. This recent price upswing has led to talks about the Bitcoin price making a comeback following a horrendous start to September. Interestingly, the latest on-chain data suggests that the ongoing price recovery might not exactly be what it looks like. So, what then is happening with the price of Bitcoin? 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. The relevant indicator here is Santiment\u2019s transaction volume metric, which monitors the total amount of a cryptocurrency transacted within a given time interval. Related Reading: 112,000 ETH Moved To Crypto Exchanges In The Past Day \u2014 Impact On Ethereum Price? Historically, the transaction volume metric can be associated with the strength and direction of the market&#8217;s price trends. According to Martinez, Bitcoin\u2019s transaction volume tends to rise during periods of upward price movement, as the market is usually more active. On the other hand, BTC\u2019s transaction volume typically decreases during a price downtrend, as market participants engage less in buying and selling activities.\u00a0 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. This sustained decline in volume indicates market uncertainty, suggesting that the price of Bitcoin may continue to consolidate or even experience further downward movement. The reduced market activity could be associated with the bearish history of BTC in September, with investors likely choosing to navigate the market with more caution. Ultimately, this indicates that the latest Bitcoin rally may be short-lived, with the premier cryptocurrency likely not to build on its recent momentum.\u00a0 Bitcoin Whales Realize $50 Million In Profit\u00a0 It appears that some Bitcoin holders are not waiting for the flagship cryptocurrency to resume its bull run to cash in on their profits. 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. Ali Martinez revealed in a separate post on X that BTC whales took advantage of the recent price spike to realize more than $50 million in profits. This is based on an increase in long-term holder whales\u2019 realized profit (in USD), implying that old large investors sold their coins at a higher price than the acquisition price. This level of profit-taking can be a negative signal for the premier cryptocurrency, as large sell-offs can cause downward pressure on the Bitcoin price. Interestingly, the price of BTC has not made any significant movement in the past day and continues to hover around the $60,000 level. Related Reading: Time To Convert Bitcoin To Ethereum? ETH\/BTC Charts Gears Up For 180% Surge Featured image created with Dall-E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":641963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,1119,78790,83531,57231],"class_list":["post-641955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-cryptoquant","tag-santiment"],"acf":[],"yoast_head":"\n<title>On-Chain Data Suggests Bitcoin Price Trend Reversal Is Yet To Occur \u2014 What\u2019s Happening?<\/title>\n<meta name=\"description\" content=\"The latest on-chain data suggests that the ongoing Bitcoin price recovery might not exactly be what it looks like. 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