Continue to Hold your bitcoin

Continue to Hold your bitcoin

The supply of bitcoin has recently hit a new low for the year, this means there are fewer and fewer people selling bitcoin in the market. Although the demand has not increased significantly, but at least this position is hard to see a big Callback. So even if you are not bullish at this position, do not easily bearish, otherwise it is likely to reverse the direction.

https://preview.redd.it/p4s89bh6b1351.png?width=837&format=png&auto=webp&s=1bdce22a54f5f96535881f0eaa0a79f8bb565ad7

At the same time, the sales volume of miners in the past month has also decreased significantly, setting a new low of nearly one year, which is also one of the reasons for the sharp reduction in the supply of Bitcoin. Miners no longer sell bitcoin, the future bitcoin price is more likely to rise. From the historical data, bitcoin prices and bitcoin supplied by miners to the exchange show a negative correlation. In other words, the less bitcoin miners transfer to the exchange, the greater the probability that the currency price will bottom out. On the contrary, the currency price will fall.

Yellow is the miner’s deposit, and black is the price of Bitcoin

Therefore, it is recommended to continue to hold bitcoin, stay on the sidelines, and do not easily sell out.

submitted by /u/ByteBulls
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