Fresh bull run indications are being displayed by the Bitcoin BTC indicators down $41,961, as the price strength of BTC generates 7% daily increases. As on-chain indicators reset, data from TradingView and Cointelegraph Markets Pro suggests that the upward trend could continue.
According to analysts, it “needed to cool off” after reaching $44,000 this month. Things are looking up again, though, following a dip to about $40,000. Philip Swift, the author of the analytics portal Look Into Bitcoin, demonstrated profit-taking soaring when BTC/USD achieved its most recent 19-month highs in a post on X (previously Twitter) on December 13.
While Some Focus On Bitcoin’s Short Term Price Movements Others Believe In Its Scope Of Growth
Philip Swift, the author of the analytics portal Look Into Bitcoin, demonstrated profit-taking soaring when BTC/USD achieved its most recent 19-month highs in a post on X (previously Twitter) on December 13.
He brought attention to the value days destroyed (VDD) multiple measures, which reached its highest level since May 2021 on December 11 and is calculated by multiplying coin days destroyed by the current price of bitcoin. A portion of the comments said, “As some HODLers take profits, VDD has now risen to levels observed at earlier Early Bull local highs.” Based on how long the recently reactivated supply remained inactive, VDD aims to quantify the amount of Bitcoin sold at a specific price point.
Short-term holders, or STHs, are the most speculative groups within their investment community, and they have been the driving force behind recent selling, as Cointelegraph reported. While some are focusing on the short-term price movement, others believe that there is still room for growth toward critical resistance around $50,000. This is reflected in the relative strength index (RSI), which has printed a positive divergence with price on daily timescales, according to analyst Matthew Hyland.
