Despite Pushing to $11,000, Here’s Why Bitcoin Could Soon Reverse

Despite Pushing to $11,000, Here’s Why Bitcoin Could Soon Reverse


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

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