Bitcoin started the week off with an abrupt bullish breakout to $37,500, a level some analysts have identified as a crucial ‘line in the sand’, but the rally was short-lived as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes.
While many traders are concerned that the 2021 bull market is now over and considering whether gains should be locked in, on-chain data shows that long-term Bitcoin (BTC) holders have been accumulating in preparation for a potential 2013-style double-pump that has the potential to elevate BTC to a fresh all-time high.
BTC/USDT 1-day chart. Source: TradingView
Ether (ETH), on the other hand, rallied 8% to $2,677 as chatter about a possible ‘flippening’ between Bitcoin and Ethereum continues to be a topic of discussion. Most recently, Bloomberg speculated that Ether could one-day surpass Bitcoin as the world’s cryptocurrency of choice.
Short-term holders are feeding the sell-off
Further insights into what is feeding the uncertainty in the