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Having doubts about Bitcoin’s [BTC] short-term gains? Consider this

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Investors are growing impatient about Bitcoin’s short-term prospects. However, whales may have good news. It has been over two months since Bitcoin’s [BTC] last YTD peak. It has lost its bullish momentum, causing investors to grow weary of its short-term prospects. BTC now runs the risk of investors losing confidence, which could result in increasing […]

A quick glance at the supply distribution reveals that addresses holding over 10,000 BTC have overall added to their holdings in the last 30 days. However, addresses holding between 100 – 1000 Bitcoins trimmed their balances during the same period.The above observations do not necessarily exempt Bitcoin from sell pressure. The market was still on edge at press time, perhaps waiting for the next major signal that may offer some directional clarity.

This includes both exchange inflows and outflows.On the plus side, derivatives demand remains within healthy levels. Such low market movements are bound to attract some leverage activity in the derivatives demand, as traders look to maximize gains under low-volume market conditions. Bitcoin’s estimated leverage ratio has been up slightly since the start of April.Bitcoin’s open interest has been up significantly in the last few days. More notably, it has been rising since the end of March.

 

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