Bitcoin: BTC will drop this key! – What should the bulls see? star-news.press/wp

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Bitcoin (BTC) approaches $ 124,000 with wide participation, but the growth of the network and the long/short question fades about whether the momentum can carry without new flows.

Since April, Bitcoin (BTC) The index of the age of age (HHI) has decreased steadily, indicating a broader participation across pregnant groups.

This came when BTC was trading near $ 118,000, near its highest level. Meanwhile, the 90 -day relationship between the price of BTC and HHI record began to recover from very low levels.

Historically, the price gains supported by broad dust sharing are often proven more sustainable than concentrated gatherings in one group.

Therefore, a mixture of trading at the registry level with a concentration of decrease highlights a stronger structural base. Can this shift in distribution determine the basis of the bull’s longer direction?

Can Bitcoin resist resistance within its emerging channel?

The price of Bitcoin has been obligated to an upward channel since April.

Recently, BTC has flourished near $ 117,000 and tested resistance of approximately 124 thousand dollars, which is closely watched the merchants.

The moving averages remained for 9 days and 21 days aligning a wandering, while Macd reflected the positive momentum.

However, repeated rejection operations near the upper border showed that the sellers remained active.

After saying this, until a decisive outbreak occurs, merchants must expect fluctuating near this resistance.

Source: TradingView

Do long traders gain a lot of market control?

The long long/long short percentage showed 57.34 % against short pants by 42.66 %. This defect reflects the increasing optimism between retail and derivatives.

Of course, deviant locations can be predicted with sharp corrections if the majority becomes impressive and confident.

Moreover, while buyers took control of the sellers on the open, the sellers are still a great influence. This mixture is excessively ease of bullish feelings.

Moreover, if long exposure continues to rise, the financing costs can climb and overcome traders.

Source: Coinglass

Does the activity of the fall network threaten bitcoin momentum?

Weaken the activity on the chain, with a decrease in the growth of the network and the census of transactions sharply in mid -August at 76.8K and 81.7K, respectively.

In fact, this slowdown showed fewer new participants and reduce demand.

Historically, falling use is in line with the cooling stages, even during gatherings.

Therefore, while the price procedure remained polished, the weakest support on the chain may enter the risks if the direction continues. Data suggested the refrigerated enthusiasm below the surface.

Source: Santime

Do those carrying to enhance condemnation alternately alternate?

The achieved CAP HODL waves highlighted a clear transformation in the market dynamics, as the coins share in the 1D -7D range increased to 3.93 % after reaching the lowest levels of less than 2.5 % earlier this month.

On the other hand, the 7D-30D group decreased to 8.70 %, a decrease from 11 % in early August, indicating that mid-time holders reduce exposure.

Source: Santime

This change indicates a stronger condemnation in the short term and increased speculation flows that lead the market to the top. However, relying on short -term activity often makes marches more fragile.

Can Bitcoin maintain climb?

The Bitcoin gathering shows a healthy distribution across the soil and the strong artistic structure, but the fading activity on the series provokes caution.

If the mid -term accumulation continues during the buyers testing $ 124,000, BTC may provide an outbreak. However, without renewing the growth of the network, sustainability can remain a question.