Bitcoin has been pressing higher despite weakness in the altcoin market. Seemingly rallying off strength in legacy markets, the leading cryptocurrency on Wednesday morning shot to a price just shy of $11,000.
As of this article’s writing, BTC trades for $10,970, far above the price points it was trading at just days ago.
While this price action is undoubtedly positive, there are some technical and on-chain signals suggesting a bearish reversal is nigh.
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Blockchain analytics firm Santiment posted the tweet seen below on September 16th. It shows that according to its data, there has been a “significant spike in idle BTC” changing hands, suggesting a long-term holder or “whale” is looking to use his coins.
While it is unclear what the user(s) plan to do with their coins, such on-chain shifts purportedly signal trend changes:
“With this latest $BTC