{"id":472295,"date":"2021-09-23T19:00:01","date_gmt":"2021-09-23T19:00:01","guid":{"rendered":"https:\/\/ktsl888.com\/?p=472295"},"modified":"2024-06-11T13:58:53","modified_gmt":"2024-06-11T13:58:53","slug":"bitcoin-bearish-recovery-above-44k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bearish-recovery-above-44k\/","title":{"rendered":"Bitcoin Bearish Signals Go Off Despite Recovery Above $44k, Dead Cat&#8217;s Bounce?"},"content":{"rendered":"<p>Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat&#8217;s bounce?<\/p>\n<h2>On-Chain Data Shows Bitcoin Miners Have Started Selling, Funding Rates Have Turned Negative<\/h2>\n<p>&nbsp;<\/p>\n<p>As explained by a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/614c6fbd52b2145d133b0d31-Perhaps-itll-be-a-Dead-Cat-Bounce\" rel=\"nofollow\">post<\/a>, a bunch of bearish Bitcoin signals have gone off despite some fresh movement up.<\/p>\n<p>First, the miners reserve has started to decline. This indicator shows the total number of coins that miners are holding in their wallets.<\/p>\n<p>A downtrend in the metric&#8217;s value suggests miners have started sending their Bitcoin to exchanges for selling purposes.<\/p>\n<p>Second is the Long-Term Holder SOPR (LTHSOPR) that shows the degree of realized profits and loss for those coins that haven&#8217;t moved on the chain since at least 155 days (which means these coins belong to long-term holders).<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/fear-and-greed-bitcoin-buyers-halloween-effect\/\">Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect?<\/a><\/strong><\/em><\/p>\n<p>This metric has also been showing low values, implying these long-term holders are more likely to sell their coins right now.<\/p>\n<p>Here is a chart showing the trend in both these indicators for Bitcoin:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/hqtZqo_d3e6ccd1d57dccca01541ba8e80c1c80c42816b43682f46a4aa5b20089a000ae.png?resize=1280%2C615&#038;ssl=1\" alt=\"Bitcoin LTH SOPR, Miners Reserve\" width=\"1280\" height=\"615\"><\/p>\n<pre style=\"text-align: center\">The BTC miners reserve and the LTH SOPR | Source: <a href=\"https:\/\/cryptoquant.com\/quicktake\/614c6fbd52b2145d133b0d31-Perhaps-itll-be-a-Dead-Cat-Bounce\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>Next is the <a href=\"https:\/\/ktsl888.com\/all\/dips-bitcoin-reserves-lowest-since-2018\/\">Bitcoin exchange reserve<\/a>, an indicator that measures the total number of coins present on wallets of all centralized exchanges.<\/p>\n<p>The below chart shows how the reserve&#8217;s value has changed recently:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/EnFLDy_d3e6ccd1d57dccca01541ba8e80c1c80c42816b43682f46a4aa5b20089a000ae.png?resize=1280%2C444&#038;ssl=1\" alt=\"Bitcoin Exchange Reserve\" width=\"1280\" height=\"444\"><\/p>\n<pre style=\"text-align: center\">The indicator seems to showing some uptrend | Source: <a href=\"https:\/\/cryptoquant.com\/\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>As the graph shows, the Bitcoin exchange reserve has started trending up after a long period of constant decline. When the metric&#8217;s value goes up, it means investors are starting to send their coins to exchanges for withdrawing to fiat or purchasing altcoins.<\/p>\n<p>Finally, there is the <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-suffers-10-pullback-on-el-salvadors-debut-funding-rates-dip\/\">funding rate<\/a>, which highlights whether investors are finding long positions better or short ones.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/sVct9_d3e6ccd1d57dccca01541ba8e80c1c80c42816b43682f46a4aa5b20089a000ae.png?resize=1280%2C444&#038;ssl=1\" alt=\"Bitcoin Funding Rates\" width=\"1280\" height=\"444\"><\/p>\n<pre style=\"text-align: center\">funding rates look to be moving negative again | Source: <a href=\"https:\/\/cryptoquant.com\/\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>As the above chart shows, the BTC funding rates have dipped below zero, signifying that short positions are more hot right now.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/mid-cap-altcoins-hold-highs-bitcoin\/\">Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum<\/a><\/strong><\/em><\/p>\n<h2>What Do These Indicators Mean For BTC&#8217;s Price?<\/h2>\n<p>All of these signals show a bearish outcome in the short term at least. However, the price has started moving up for now nonetheless.<\/p>\n<p>It&#8217;s possible this recovery above $44k is just a dead cat&#8217;s jump, and that the price would move down soon as these indicators suggest, but there is still some chance this recovery holds.<\/p>\n<p>At the time of writing, <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-prints-bullish-pattern-44k\/\">Bitcoin&#8217;s price<\/a> floats around $44k, down 7% in the last 7 days. The below chart shows the trend in the price of the coin over the last five days.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-472297 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/09\/chart-22.png?resize=460%2C242\" alt=\"Bitcoin Price Chart\" width=\"460\" height=\"242\"><\/p>\n<pre style=\"text-align: center\">BTC's price has started moving up after making a touch of $39.6k | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<pre>Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat&#8217;s bounce? On-Chain Data Shows Bitcoin Miners Have Started Selling, Funding Rates Have Turned Negative &nbsp; As explained by a CryptoQuant post, a bunch of bearish Bitcoin signals have gone off despite some fresh movement up. First, the miners reserve has started to decline. This indicator shows the total number of coins that miners are holding in their wallets. A downtrend in the metric&#8217;s value suggests miners have started sending their Bitcoin to exchanges for selling purposes. Second is the Long-Term Holder SOPR (LTHSOPR) that shows the degree of realized profits and loss for those coins that haven&#8217;t moved on the chain since at least 155 days (which means these coins belong to long-term holders). Related Reading |\u00a0Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? This metric has also been showing low values, implying these long-term holders are more likely to sell their coins right now. Here is a chart showing the trend in both these indicators for Bitcoin: The BTC miners reserve and the LTH SOPR | Source: CryptoQuant Next is the Bitcoin exchange reserve, an indicator that measures the total number of coins present on wallets of all centralized exchanges. The below chart shows how the reserve&#8217;s value has changed recently: The indicator seems to showing some uptrend | Source: CryptoQuant As the graph shows, the Bitcoin exchange reserve has started trending up after a long period of constant decline. When the metric&#8217;s value goes up, it means investors are starting to send their coins to exchanges for withdrawing to fiat or purchasing altcoins. Finally, there is the funding rate, which highlights whether investors are finding long positions better or short ones. funding rates look to be moving negative again | Source: CryptoQuant As the above chart shows, the BTC funding rates have dipped below zero, signifying that short positions are more hot right now. Related Reading |\u00a0Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum What Do These Indicators Mean For BTC&#8217;s Price? All of these signals show a bearish outcome in the short term at least. However, the price has started moving up for now nonetheless. It&#8217;s possible this recovery above $44k is just a dead cat&#8217;s jump, and that the price would move down soon as these indicators suggest, but there is still some chance this recovery holds. At the time of writing, Bitcoin&#8217;s price floats around $44k, down 7% in the last 7 days. The below chart shows the trend in the price of the coin over the last five days. BTC&#8217;s price has started moving up after making a touch of $39.6k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":472298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83940,84341,1119,1144],"class_list":["post-472295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-reserve","tag-bitcoin-miners-reserve","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Bearish Signals Go Off Despite Recovery Above $44k, Dead Cat&#039;s Bounce?<\/title>\n<meta name=\"description\" content=\"Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat&#039;s bounce? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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