Bitcoin bulls stand firm as short-term traders prepare for a potential dip

Bitcoin [BTC] bulls stand firm as short-term traders prepare for a potential dip

However, bullish sentiment remains in the market., Bitcoin’s [BTC] Exchange Reserve metric has spiked due to the king coin trading at a nine-month high, indicating that traders have been cashing in on the recent surge in price to make profits.

A rise indicates higher selling pressure lingers in the market, while a decline suggests traders favor accumulation.In an uptrend, Cryptohell opined that based on the characteristics of BTC’s Exchange Reserve, “it’s likely that short-term traders are the ones sending Bitcoin to the exchanges.”The analyst assessed BTC’s Short-Term Output Profit Ratio metric to determine what short-term traders have been up to.

Further, Cryptohell explained that this investor cohort has taken to selling their holdings due to various factors impacting the current market situation.

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