{"id":555312,"date":"2023-10-13T11:01:42","date_gmt":"2023-10-13T11:01:42","guid":{"rendered":"https:\/\/ktsl888.com\/?p=555312"},"modified":"2024-06-11T08:51:38","modified_gmt":"2024-06-11T08:51:38","slug":"factors-behind-bitcoin-decline","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/factors-behind-bitcoin-decline\/","title":{"rendered":"Crypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline"},"content":{"rendered":"

As the <\/span>bear market continues to linger<\/span><\/a>, analysts <\/span>have weighed in<\/span><\/a> on the decline of the flagship cryptocurrency<\/a>, <\/span>Bitcoin<\/span>, and the crypto market, by extension. This time, <\/span>another<\/span><\/a> crypto analyst has explained what is influencing Bitcoin\u2019s price decline.\u00a0<\/span><\/p>\n

Factors Causing BTC’s Decline<\/h2>\n

Bitcoin notably dropped <\/span>below the $27,000 level<\/span><\/a> on October 12. Addressing this decline in a <\/span>recent episode<\/span><\/a> on the \u2018Cheeky Crypto\u2019 YouTube channel, Crypto analyst Nick noted that there wasn\u2019t much going on in the news and the only thing that could have affected Bitcoin\u2019s drop was the <\/span>US inflation data<\/span><\/a>, which was recently released with the CPI rising higher than expected.\u00a0<\/span><\/p>\n

Related Reading: US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric<\/a><\/div>\n

He then analyzed key on-chain metrics that could have affected Bitcoin\u2019s price. According to data he pulled up from <\/span>Cheeky Crypto\u2019s site<\/span><\/a>, there were 903,210 active addresses in the last twenty-four hours (he released the video on October 12).<\/span><\/p>\n

The data also showed that 610,686 active addresses received Bitcoin during that period, and 560,331 active addresses sent Bitcoin during the same time frame, amounting to 265,000 transactions. What was, however, more interesting was the fact that only 23 million addresses held BTC out of the total 48.7 million addresses in existence.<\/span><\/p>\n

He stated that these figures were important to give an insight into <\/span>Bitcoin\u2019s adoption rate<\/span><\/a> as one could easily assume that almost all the Bitcoin addresses in existence held BTC. Meanwhile, less than half actually did.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
More Selling Pressure For Bitcoin<\/h2>\n
As to another factor that could be causing the decline, he noted that retail investors had been selling in the past few days. However, the silver lining, as Nick highlighted, is that this selloff suggests that <\/span>institutional investors<\/span><\/a> are accumulating once more, considering that they had once dumped their tokens on these retail investors.\u00a0<\/span><\/p>\n
Additionally, 108 wallets hold over 10,000 BTC. These wallets, which Nick labeled as the \u201cmaster manipulators\u201d of BTC\u2019s price, are also experiencing a similar sell-off trend as these wallets are down 8.47% in the last 180 days, which suggests that they are \u201caggressively\u201d selling off.<\/span><\/p>\n
Related Reading: Bitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC<\/a><\/div>\n
From the chart he shared, one could see that the trend dates back to April 2023 (the peak of accumulation by these wallets) as they have begun to cool off and dump some of their holdings on the market. His analysis suggests that there could be a bigger picture regarding <\/span>Bitcoin\u2019s decline<\/span><\/a> rather than any immediate factor.\u00a0<\/span><\/p>\n
Despite this decline and the amount of liquidations that have occurred, Nick is still optimistic that Bitcoin <\/span>could end this month<\/span><\/a> in the green. October is <\/span>reported<\/span><\/a> to be one of the best-performing months for Bitcoin, with the crypto token ending October in the green for the last five years.<\/span><\/p>\n
Featured image from The Independent, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As the bear market continues to linger, analysts have weighed in on the decline of the flagship cryptocurrency, Bitcoin, and the crypto market, by extension. This time, another crypto analyst has explained what is influencing Bitcoin\u2019s price decline.\u00a0 Factors Causing BTC’s Decline Bitcoin notably dropped below the $27,000 level on October 12. Addressing this decline in a recent episode on the \u2018Cheeky Crypto\u2019 YouTube channel, Crypto analyst Nick noted that there wasn\u2019t much going on in the news and the only thing that could have affected Bitcoin\u2019s drop was the US inflation data, which was recently released with the CPI rising higher than expected.\u00a0 Related Reading: US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric He then analyzed key on-chain metrics that could have affected Bitcoin\u2019s price. According to data he pulled up from Cheeky Crypto\u2019s site, there were 903,210 active addresses in the last twenty-four hours (he released the video on October 12). The data also showed that 610,686 active addresses received Bitcoin during that period, and 560,331 active addresses sent Bitcoin during the same time frame, amounting to 265,000 transactions. What was, however, more interesting was the fact that only 23 million addresses held BTC out of the total 48.7 million addresses in existence. He stated that these figures were important to give an insight into Bitcoin\u2019s adoption rate as one could easily assume that almost all the Bitcoin addresses in existence held BTC. Meanwhile, less than half actually did.\u00a0 BTC price continues to fluctuate | Source: BTCUSD on Tradingview.com More Selling Pressure For Bitcoin As to another factor that could be causing the decline, he noted that retail investors had been selling in the past few days. However, the silver lining, as Nick highlighted, is that this selloff suggests that institutional investors are accumulating once more, considering that they had once dumped their tokens on these retail investors.\u00a0 Additionally, 108 wallets hold over 10,000 BTC. These wallets, which Nick labeled as the \u201cmaster manipulators\u201d of BTC\u2019s price, are also experiencing a similar sell-off trend as these wallets are down 8.47% in the last 180 days, which suggests that they are \u201caggressively\u201d selling off. Related Reading: Bitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC From the chart he shared, one could see that the trend dates back to April 2023 (the peak of accumulation by these wallets) as they have begun to cool off and dump some of their holdings on the market. His analysis suggests that there could be a bigger picture regarding Bitcoin\u2019s decline rather than any immediate factor.\u00a0 Despite this decline and the amount of liquidations that have occurred, Nick is still optimistic that Bitcoin could end this month in the green. October is reported to be one of the best-performing months for Bitcoin, with the crypto token ending October in the green for the last five years. Featured image from The Independent, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":555317,"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":[428,656,679,89462,1119,89185,1144,78790],"class_list":["post-555312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nCrypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline<\/title>\n<meta name=\"description\" content=\"As the bear market continues to linger, analysts have weighed in on the decline of the flagship cryptocurrency, Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline","url":"http:\/\/ktsl888.com\/news\/factors-behind-bitcoin-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/factors-behind-bitcoin-decline\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-.jpeg?fit=6527%2C4895"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price performance","btc","btc news","btcusd","btcusdt"],"dateCreated":"2023-10-13T11:01:42Z","datePublished":"2023-10-13T11:01:42Z","dateModified":"2024-06-11T08:51:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/factors-behind-bitcoin-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/factors-behind-bitcoin-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-.jpeg?fit=6527%2C4895\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price performance\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-13T11:01:42Z\",\"datePublished\":\"2023-10-13T11:01:42Z\",\"dateModified\":\"2024-06-11T08:51:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/Bitcoin-.jpeg?fit=6527%2C4895","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/555312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=555312"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/555312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/555317"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=555312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=555312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=555312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}