Bitcoin Long Term Holders Buy New Investors’ Fear, What This Means For BTC’s price

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Bitcoin has been unable to recover from its recent crash. The first cryptocurrency by market cap dropped from around $60,000 and trades, at the time of writing, at $35,969 with sideways movement in lower timeframes. BTC moving sideways in the daily chart. Source: BTCUSD Tradingview Over the past week, BTC has been rejected at $40,000 and $38,000, as selling pressure increased. In the coming weeks, the latter price target must be reclaimed and hold for the recovery to be back on track. The bears seem to be in control, but analyst William Clemente believes sellers are facing exhaustion. Many new investors have been selling at a loss, according to Glassnode’s Net Realized Profit/Loss for the 7-day chart. Clemente said: “This process seems to be almost done”. Source: Glassnode via William Clemente The Entity-Adjusted Spent Output Profit Ratio (SPOR), a metric used to calculate the ratio for profit taking for the…

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