- BTC’s foreign exchange reserve decreased, indicating less selling pressure.
- The long/short ratio fell while open interest increased, suggesting bearish sentiment.
The second quarter of this year has not been the best for the crypto market as most coins want it to be Bitcoin [BTC] made no profit. From CoinMarketCapBTC fell nearly 2% in the past 24 hours.
Read From Bitcoin [BTC] Price prediction 2023-24
At the time of writing, BTC was trading at $27,082.32, with a market cap of over $523 billion. However, there were a few interesting data sets that suggested that the previous month of Q2 could look different.
The end of Q2 may be different for Bitcoin
James V. Straten, a research analyst, pointed to a statistic that suggested there was a possibility of a price hike in the coming weeks. Historical data suggests that when the realized price exceeds the realized profit of the long-term holders, the market turns bullish.
The next bullish #Bitcoin catalyst is the price realized coming above the long-term holder’s RP, now less than $800 difference.
Interestingly, every time this reversal has happened has mainly happened in June.
August 2012 (halving November 2012)
June 2016 (July halving… pic.twitter.com/2ARA28FOUX— James V. Streets (@jimmyvs24) May 15, 2023
On May 15, 2023, the difference was only $800, increasing the chances of a crossover. It was also very interesting to note that most of these crossovers happened in June. Therefore, it will be intriguing to see how it turns out for Bitcoin this year.
Miners are having a good time
While BTCAs the price remained below $28,000, Bitcoin miners had a good few days. Ordinals’ performance has increased miners’ earnings. Glassnode alert also recently revealed that miner balances hit a new four-month high.
The previous four-month high of 1,826,091,503 was observed on May 10, 2023. However, it should be noted that miners’ earnings at press time were a reject.
📈 #Bitcoin $BTC Miners’ Balance Just Hit a 4-Month High of 1,826,168,066
The previous 4-month high of 1,826,091,503 was observed on May 10, 2023
View statistics:https://t.co/cHhwgaCLee pic.twitter.com/SmVjyFiMrN
— glassnode alerts (@glassnodealerts) May 16, 2023
What to expect in the short term?
A look at CryptoQuant’s facts suggested that things may also get better in the near term. BTC’s foreign exchange reserves decreased. This was optimistic, as it points to less selling pressure.
Moreover, BTCCoinbase Premium also told a similar story: Buying pressure from US investors has been relatively strong on Coinbase. Not everything was picture perfect, however. Bitcoin’s taker buy/sell ratio was red, reflecting dominant selling pressure in the futures market. The aSORP of the king of crypto was also red.
Source: CryptoQuant
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A closer look at the BTC derivatives market
Checking BTC’s stats for the futures market revealed continued sideways price movement. For example, BTC‘s outstanding interest was relatively high. The trend in the market for that option is expected to continue as outstanding interest rises and gets higher.
In addition, Coinglass’ facts revealed that BTC’s long/short ratio has fallen in recent days, indicating bearish market sentiment.
Source: Coinglass