[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news-aggregator-bitcoin-faces-downward-pressur380191c554-51fa-750c-b94c-f6ed8d8ff872":3},{"id":4,"timestamp":5,"title":6,"content":7,"link":8,"preview":9,"tags":10,"predictedTags":11,"showTags":12,"source":13,"reactions":14,"selfReactions":15,"logo":16,"sourceId":17,"sourceUserId":18,"asset":19,"tagsCategories":20,"totalComments":21,"lang":22,"unique_views_count":23},"bitcoin-faces-downward-pressur380191c554-51fa-750c-b94c-f6ed8d8ff872","1725591923000","Bitcoin Faces Downward Pressure As Short-Term Holders Remain Underwater","\u003Cp>The \u003Ca href=\"https://themerkle.com/tag/btc\">Bitcoin market\u003C/a> has continued to face downward pressure over the past few months, despite the fact that the average Bitcoin investor is still in profit.\u003C/p>\u003Cp>However, short-term holders remain significantly underwater on their investments, posing a potential risk to the market in the near term.\u003C/p>\u003Cp>The \u003Ca href=\"https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin\u003C/a> market continues to experience downwards pressure over recent months, despite the average Bitcoin investor remaining profitable overall. \u003C/p>\u003Cp>However, the Short-Term Holder cohort remains heavily  underwater on their holdings, making them a source of risk for the… \u003Ca href=\"https://t.co/nlE0K2WgPk\">pic.twitter.com/nlE0K2WgPk\u003C/a>\u003C/p>\u003Cp>— glassnode (@glassnode) \u003Ca href=\"https://twitter.com/glassnode/status/1831282656790659154?ref_src=twsrc%5Etfw\">September 4, 2024\u003C/a>\u003C/p>\u003Cp>\u003C/p>\u003Cp>Looking at the Bitcoin 2-month chart, the TD Sequential indicator has flashed a sell signal, suggesting a potential correction ahead. If the crucial $51,000 support level fails to hold, Bitcoin could see a drop to as low as $40,600.\u003C/p>\u003Cp>In the \u003Ca href=\"https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin\u003C/a> 2-month chart, the TD Sequential indicator presented a sell signal anticipating a correction. If the $51,000 support level is lost, \u003Ca href=\"https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC\u003C/a> could drop to $40,600! \u003Ca href=\"https://t.co/CxVpzfOrzU\">pic.twitter.com/CxVpzfOrzU\u003C/a>\u003C/p>\u003Cp>— Ali (@ali_charts) \u003Ca href=\"https://twitter.com/ali_charts/status/1831231909898449130?ref_src=twsrc%5Etfw\">September 4, 2024\u003C/a>\u003C/p>\u003Cp>\u003C/p>\u003Cp>Adding to the bearish outlook, active addresses on the Bitcoin network have hit new lows in 2024. The number of active addresses is now at the same level as it was three years ago, when Bitcoin was trading around $45,000. This decline in network activity may be an indicator of waning interest or participation in the market.\u003C/p>\u003Cp>Active addresses on the \u003Ca href=\"https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw\">$BTC\u003C/a> network hit new lows in 2024\u003C/p>\u003Cp>“Active addresses on the \u003Ca href=\"https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin\u003C/a> network hit new lows in 2024, reaching the same level as 3 years ago, when the price of BTC was quoted at around $45,000.” – By \u003Ca href=\"https://twitter.com/gaah_im?ref_src=twsrc%5Etfw\">@gaah_im\u003C/a> \u003C/p>\u003Cp>Read more 👇\u003Ca href=\"https://t.co/XmdzMuYEgl\">https://t.co/XmdzMuYEgl\u003C/a> \u003Ca href=\"https://t.co/QQFZQRzJkG\">pic.twitter.com/QQFZQRzJkG\u003C/a>\u003C/p>\u003Cp>— CryptoQuant.com (@cryptoquant_com) \u003Ca href=\"https://twitter.com/cryptoquant_com/status/1831290956068307167?ref_src=twsrc%5Etfw\">September 4, 2024\u003C/a>\u003C/p>\u003Cp>\u003C/p>Bitcoin Spot ETFs Market Recorded Net Outflow Of $288 Million \u003Cp>The Bitcoin spot ETF market has also been under pressure, with net outflows totaling $288 million on September 3rd alone. This marks five consecutive days of net outflows, highlighting the ongoing selling pressure in the market. Grayscale’s Bitcoin Trust (GBTC) saw a net outflow of $50.395 million in a single day, while Fidelity’s FBTC recorded a significant net outflow of $162 million. Currently, the total net asset value of Bitcoin spot ETFs stands at $52.689 billion.\u003C/p>\u003Cp>Bitcoin spot ETF had a total net outflow of $288 million on September 3, and continued to have net outflows for 5 consecutive days. Grayscale ETF GBTC had a net outflow of $50.395 million in a single day, and Fidelity FBTC had a net outflow of $162 million. Currently, the total…\u003C/p>\u003Cp>— Wu Blockchain (@WuBlockchain) \u003Ca href=\"https://twitter.com/WuBlockchain/status/1831178527506637208?ref_src=twsrc%5Etfw\">September 4, 2024\u003C/a>\u003C/p>\u003Cp>\u003C/p>\u003Cp>As the market grapples with these headwinds, all eyes are on the $51,000 support level. If it breaks, Bitcoin could face further declines, making the next few weeks critical for market participants.\u003C/p>\u003Cp>Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.\u003C/p>\u003Cp>Follow us on Twitter \u003Ca href=\"https://twitter.com/nulltxnews\">@nulltxnews\u003C/a> to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and \u003Ca href=\"https://nulltx.com/top-10-nft-metaverse-news-websites-to-follow-in-2022/\">Metaverse news\u003C/a>!\u003C/p>\u003Cp>Image Source: ximagination/\u003Ca href=\"https://www.123rf.com/\">123RF\u003C/a> // Image Effects by \u003Ca href=\"https://www.cartoonize.net/\">Colorcinch\u003C/a>\u003C/p>\u003Cp>The post \u003Ca href=\"https://themerkle.com/bitcoin-faces-downward-pressure-as-short-term-holders-remain-underwater/\">Bitcoin Faces Downward Pressure As Short-Term Holders Remain Underwater\u003C/a> appeared first on \u003Ca href=\"https://themerkle.com\">The Merkle News\u003C/a>.\u003C/p>","https://themerkle.com/bitcoin-faces-downward-pressure-as-short-term-holders-remain-underwater/","https://themerkle.com/wp-content/uploads-new/2024/09/Bitcoin-ETFs-1068x601-1-2.jpeg","[\"News\",\"bitcoin\",\"btc\",\"crypto\",\"cryptocurrency\",\"trading\"]","[\"\",\"Bitcoin\",\"BTC\",\"BTC\",\"Near\",\"Market\"]","[{\"name\":\"\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/blockchains/.png\"},{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/BTC.png\",\"name\":\"BTC\"},{\"name\":\"Near\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/blockchains/near.png\"},{\"name\":\"Market\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/market.png\"}]","38",[],[],"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/news-feeds/sources/the-merkle news.png","The Merkle News",null,"","[\"Crypto\"]","0","EN","3"]