{"id":259475,"date":"2021-05-26T18:03:36","date_gmt":"2021-05-26T15:03:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\/"},"modified":"2021-05-26T18:03:36","modified_gmt":"2021-05-26T15:03:36","slug":"3-convincing-signs-the-bitcoin-bears-have-stopped-selling","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\/","title":{"rendered":"# 3 convincing signs the Bitcoin bears have stopped selling"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35d2c09855d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35d2c09855d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\/#Bitcoin_exchange_deposits_decline\" >Bitcoin exchange deposits decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\/#NVT_reaches_classic_bullish_reversal_level\" >NVT reaches classic bullish reversal level<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\/#Accumulation_address_uptrend\" >Accumulation address uptrend<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 convincing signs the Bitcoin bears have stopped selling <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) price surged higher in the early New York session on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China&#8217;s crypto ban and the United States&#8217; crypto tax proposal.<\/p>\n<p>The benchmark cryptocurrency reached an intraday high of $40,855 before turning lower owing to profit-taking sentiment. <\/p>\n<p>In the meantime, analysts such as Cheds and Korous AK expect BTC\/USD to hit $42,000 in the short term but advised caution on extended upside positions unless the spot market confirms a clear bullish breakout.<\/p>\n<p>Cheds particularly showed a bullish conviction if Bitcoin reclaims its 200-day simple moving average (200-day SMA), which is currently around $40,600. The wave holds the history of serving as a strong price floor against long-term bearish trends.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Be careful getting too bullish until <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> turns both the 42k area and MA 200 back into support on daily<\/p>\n<p>\u2014 Cheds (@BigCheds) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BigCheds\/status\/1397537498214150147?ref_src=twsrc%5Etfw\">May 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/d592e8e9-0bd7-4761-bca5-6a0e86e65d5f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin briefly closed above 200-day SMA. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>More support for a bullish Bitcoin outlook came from on-chain data. At least three blockchain-focused metrics showed that the cryptocurrency bottomed out after crashing to $30,000 on May 19.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_exchange_deposits_decline\"><\/span>Bitcoin exchange deposits decline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On-chain analytics platform Glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1397496718241980416\">revealed<\/a> earlier today that the total number of crypto addresses sending bitcoin tokens to cryptocurrency exchanges declined on a seven-day average timeframe.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/66885239-cedb-429b-8136-09430d10c421.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Previous 1-month low of 6,356.643 was observed on May 25, 2021. Source: Glassnode Alerts<\/em><\/figcaption><\/figure>\n<p>The metric, dubbed as &#8220;Number of Addresses Depositing to Exchanges,&#8221; illustrates the\u00a0number of unique addresses that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear as a sender in a transaction sending funds to exchanges. Simply put, it shows a decline in the number of new Bitcoin traders that might want to transfer BTC to exchanges for selling\/trading them for other assets.<\/p>\n<p>New traders\/investors are prone to react more emotionally to wild crypto price swings. But with the Glassnode metric showing a plunge in unique Bitcoin depositors to exchanges, it signals a downtrend in potential selling pressure.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NVT_reaches_classic_bullish_reversal_level\"><\/span>NVT reaches classic bullish reversal level<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, the seven-day average output on Bitcoin&#8217;s\u00a0network value to transaction signal has dropped to its 14-month low, Glassnode data <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.Nvts&amp;mAvg=7\">shows<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/afa19b12-9a0f-47b9-ad1a-952c1524fe64.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin bearish sentiment tends to exhaust as the NVT signal drops to March 2020 low. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1397481619087368192\">Glassnode Alerts<\/a><\/em><\/figcaption><\/figure>\n<p>Bitcoin price reacted bullishly when the NVT signal touched 500 on the hourly chart, as the chart above shows. Based on fractal sentiment alone, the metric now suggests a sharp bullish reversal in the Bitcoin market as it trades 36% above its previous bottom level of $30,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Accumulation_address_uptrend\"><\/span>Accumulation address uptrend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another Glassnode metric shows that the latest Bitcoin price dip has done very little in shaking investors&#8217; long-term bullish sentiment. The &#8220;Number of Accumulation Addresses&#8221; claimed to a record high just as the BTC\/USD exchange rate hit $30,000 on May 19, taking the total to above 545,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> HODL Army is growing through this dip. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/L8q6vO0rZl\">pic.twitter.com\/L8q6vO0rZl<\/a><\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1397493135610159107?ref_src=twsrc%5Etfw\">May 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Glassnode defines accumulation addresses as those that have at least two incoming Bitcoin transactions and that have never spent funds. The analytics service considers these addresses as long-term holders.<\/p>\n<p>A spike in accumulation addresses during the BTC price crash that destroyed billions in leveraged positions\u00a0shows that bulls with long-term setup absorbed the selling pressure. That marks another sign of bearish exhaustion as Bitcoin attempts to flip $40,000 into a new support level.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-convincing-signs-the-bitcoin-bears-have-stopped-selling\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 3 convincing signs the Bitcoin bears have stopped selling &#8221; Bitcoin (BTC) price surged higher in the early New York session on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China&#8217;s crypto ban and the United States&#8217; crypto tax proposal. The benchmark cryptocurrency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":259476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvOGMwNDIyZGMtOTM1Yy00MWMwLWEyYTgtN2UyODM2NThiMDZlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,74982,81262,74939,75150,75164,78261,73785],"class_list":["post-259475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-cryptomarket","tag-market-analysis","tag-market-update","tag-price-analysis","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/259475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=259475"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/259475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/259476"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=259475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=259475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=259475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}