Leading cryptocurrency Bitcoin has faced limited selling pressure despite US regulators suing the Binance exchange. While BTC fell to $ 26,600 with the news of the lawsuit, it again exceeded the $ 28,000 limit today.
Although the lack of panic in the market after the news of the lawsuit is a positive indicator, the increasing stagnation in Bitcoin price attracts the attention of analysts.
On-chain metrics tracker CryptoQuant has analyzed a series of data on why Bitcoin’s bullish momentum has slowed.
Why Isn’t Bitcoin Rising Like It Used To?
Examining Bitcoin’s on-chain metrics, CryptoQuant analysts revealed two different indicators of why the rise is getting heavier.
Experts found that short-term investors initially sold due to the high profits they have made since the beginning of the year.
The second reason for BTC’s weight loss is due to whales. CryptoQuant analysts emphasized that whales holding between 1,000-10,000 Bitcoins are more willing to spend in the chart they shared.
Latest Status in Bitcoin
The largest cryptocurrency by market cap gained 3.80% today.
If Bitcoin can stay above the $28,000 level, which it hasn’t been able to exceed for days, it can set its sights on 30 thousand figures. Intermediate support is found at $26,600.