As a trader, should the Bitcoin pump bother you?

Want to know which direction Bitcoin may head next? Here’s a rundown of indications by on-chain and technical outlook. Should you long or short?Bitcoin

Bitcoin’s uptick has left many traders wondering if the coin’s value would continue to defy the odds and increase, or if it’s time for a correction. Needless to say, technical and/or on-chain analysis gives insights into the price action. From an on-chain perspective, Santiment, an analytic platform in that regard, mentioned that traders do not need to fret. According to its post on X , there has been an increase in the movement of dormant coins.still maintains a high pace of active addresses. Additionally, the top market cap asset is seeing a high level of dormant tokens now moving, typically synonymous withDormant coins are assets that have been stored for a long time and have been stagnant in the wallets they reside in.

Although there is no confirmation about the period of approval, many market players are of the view that one of the numerous approvals would get the regulator’s nod soon. Alex Adler Jr, a verified author at CryptoQuant, noted that BTC may continue to consolidate. The best scenario would be for the market to continue to remain flat, decrease activity over the weekend, and then consolidate on Monday with a breakout.From Adler’s post, most of the traders’ positions tilted toward the short side. The analyst also mentioned that there could be a drop in activity over the weekend. So, if any breakout needs to happen, it might wait till 30 October.

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