Crypto Markets Analysis: Longer term holders remain resilient. Bitcoin super whales warrant attention, as they have reduced positions recently. GWilliamsJr_CMT reports
Bitcoin prices tumbled in Thursday trading, as markets seemed to discount the sort of encouraging inflation and employment data that has juiced prices repeatedly in recent months.On Thursday Producer prices rose 0.2% month-over-month, beating consensus expectations of a 0.3% increase. Initial jobless claims in the U.S. rose to 264,000 for the week ending May 6, the highest since October, and surpassing expectations of 245,000.
Despite this seemingly positive economic news, short-term sentiment in crypto markets has shown signs of uncertainty.as bullish sentiment has begun to wane. Part of BTI’s methodology involves the comparison of moving averages , and their proximity to each other, specifically as one crosses above or below the other.
The downtrend coincides with an uptick in short-term holders in losing positions sending coins to exchanges. Short-term bitcoin holders have transferred 14,800 BTC to exchanges, while long-term holders have sent 523. Meanwhile, the volume of BTC sent to exchanges by long-term holders in losing positions has declined.
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