While the cryptocurrency market recovered in the second week of September, it faced a sell-off last week. While Bitcoin and altcoin prices started the week of September 18 positively, when the financial calendar was full, bears took over the dominance in the short term after the FED interest rate decision. Between Wednesday and Sunday, Bitcoin lost more than 3.50% in value. We saw similar declines in Ethereum and other altcoins.
Cryptocurrency analysts began to investigate the reasons for the sales pressure experienced recently. Sharing his analysis on the on-chain tracking platform CryptoQuant, an anonymous user named SignalQuant drew attention to the change in an important metric for Bitcoin (BTC).
Short Pressure Continues for Bitcoin!
SignalQuant found that selling pressure continues by using the metric called Taker CVD, which measures the difference between long and short positions for the leading cryptocurrency. According to the analyst, the bears are stronger as long as the blue falling trend on the chart does not end.
The on-chain expert said the following in his post on the platform:
“Last year, the Taker indicator, which measures the difference between long and short positions, had a positive trend. However, starting from the summer of 2022, a downward trend prevails in this metric. The hand of Bitcoin traders who opened short positions has become increasingly stronger. If we see this trend end, BTC price may rise in real terms. However, the current situation shows that the sales pressure trend continues.”
BTC Price
The leading cryptocurrency, Bitcoin, started the last corner of September with a slight sell-off. BTC, which is currently trading around $26,100, is likely to make another visit to the $25,300-24,850 support zone.
Bitcoin (BTC) price chart.If BTC passes the $28,000-28,500 channel in a positive scenario, a rise to $31,000 seems possible.
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