It's no secret that Bitcoin has been enjoying a much-needed rally during the last week or so. While the cryptocurrency has been building up
Part of Bitcoin’s charm is the immutability that blockchain is supposed to offer. Any incidents that threaten to challenge those characteristics may have a significant impact on investor sentiment and trigger FUD.has been enjoying a much-needed rally during the last week or so. While the cryptocurrency has been building up towards achieving a bullish October, that attempt might be about to experience some turbulence., has a massive security risk.
However, Bitcoin can be traded on other networks, hence traders should not necessarily expect demand to be affected. What’s interesting about the report is that it comes at a time when Bitcoin has been rallying and could be sensitive to the return of sell pressure. Especially now that the number of buyers has been rising on account of the recent bullish performance.. This metric has been inching closer to its 7-month high. It has been steadily rising for the last two months.Now that we have established that profitability is approaching a 3-month high, it is important to understand what it means.
Addresses holding between 1,000 and 10,000 have been contributing to sell pressure in the last four days. The same address category has the lion’s share of circulating supply held by any whale category.Meanwhile, addresses in the 10,000 to 100,000 BTC have been accumulating during the same period. As such, this has canceled out some sell pressure. However, it will be interesting to see if the balance will tip in favor of either side in the next few days.
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