More bitcoin may be getting HODLed, blockchain data shows.
“The market is not as confident anymore,” say Arcane Research. “More traders are positioned short.”
Over 60% of respondents surveyed by Investopedia believe bitcoin is in bubble territory.
Blockchain data can enhance market transparency, ostensibly leveling the playing field. Here's what happens when it doesn't.
"This does not mean the bull run is over, it just means that profit taking is happening," according to market analyst Lark Davis.
"Things are going to get a lot more heated from here," said Richard Byworth.
The top cryptocurrency by market cap rose to $60,065 in a matter of minutes on Saturday morning.
A bearish engulfing candle is just one signal among many market indicators and some analysts say the bull market is intact.
With liquidity falling in the bitcoin market, smaller trades can have a relatively large price impact.
Traditional markets slide as coronavirus cases spike, and crypto follows because its correlation is still unbroken.
Based on the rise of daily active bitcoin addresses, the highest number since 2018, interest could continue now that the halving is complete.
Other U.S. exchanges, including Kraken, reported all systems as operational during the weekend price crash.
Casual investors are hearing about bitcoin more often while professionals are taking advantage of a growing derivatives market.
The price of bitcoin broke above $9,000 on a bullish run at 9:00 UTC (4:00 a.m. EST).
Crossing below the $9,000 price level is a new low for February 2020. Bitcoin has not traded below the $9,000 threshold since January 27, when it began a march to new highs in the $10,500 range.