Does the Goods Change at $28,500 Herald a New Rise for Bitcoin?

Bitcoin, which had a good start to October and rose to $28,500, fell back to $27,000.

While there is a difference of opinion among analysts about the direction of BTC, some expect an increase and some expect a decrease.

Speaking to The Block, CryptoQuant Analyst Adam Mourad evaluated Bitcoin’s price movement.

Stating that short-term Bitcoin investors sold during the week, CryptoQuant analyst said that long-term Bitcoin investors bought the sold BTCs.

Stating that Bitcoin found support above $ 27,000 as long-term investors bought, the analyst said, “The decline was due to short-term investors making profits and starting to sell when Bitcoin reached $ 28,500.”

“Long-term Bitcoin investors bought from the sales of short-term Bitcoin investors during the week. With this purchase, BTC created a support level at 27,100.

At this point, the supply held by long-term investors is at the level of 15.6 million BTC.

“In stark contrast, the supply held by short-term investors fell to 3.8 million Bitcoins, a level not seen since November 2015.”

The analyst pointed out that the short-term profit and loss measurement also showed that the short-term investor group sold with a profit at the beginning of the week, saying, “Short-term investors took the opportunity to secure their profits or limit their losses by choosing to benefit from Bitcoin’s upward momentum, especially its rise to $ 28,500.” ” said.

Finally, the analyst added that long-term Bitcoin investors continue to accumulate.

*This is not investment advice.

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