$33,710 appears to be the short-term target, as Bitcoin price ultimately returns to the bearish momentum on Thursday. Even with an abrupt upward momentum to $38,825 on Wednesday, the flagship asset is still in for “real pain” if the current bear market sentiments continue to persist.
The short-term holders are at record losses, and whales seem to be accumulating the bottoms. In addition, there was a record inflow of coins earlier this morning. Hence, Bitcoin price is expected to undergo correction below $35k in the next 24 hours.
“Real Pain” Is Still Due For Bitcoiners!
An on-chain metric platform Cryptoquant has unveiled shocking data where Bitcoin exchange reserves increased by 12000 BTC worth $449 million since today morning. Moreover, 8000 BTC flew into exchanges in just one hour. This could be the potential sign of another round of losses in the next 24 hours.
There appears to be huge liquidity flow towards exchanges in a very short period of time. Usually, this is a greatest bearish sign which could bring rapid volatility in price action. On the other hand, analytics of the Glassnode has disclosed that Bitcoin short-term holders profitability has reached a bottom neckline. Whenever aggregate unrealized loss held by the STH cohort coincides with a value of -40% loss, it takes time to flip the bottoms.
From the above chart, we could clearly make out that after reaching the bottom neckline, unrealized losses of STH cohort have taken a sharp decline. Hence, the next 24 hours are going to be very crucial for the flagship asset. Over the past couple of months, the asset could able to gain very little strength around the $35k zone. Hence, there are strong possibilities of BTC price revisiting $33.710k levels in the next 24 hours.
Collectively, the RSI is currently hovering at generational buying zones. If the sell-off pressure continues to build up then Bitcoin price is likely to drop below $35k in the next 24 hours.
Moreover, Whales are adding up chunk of coins to their wallets after distributing their holdings since September. So this is neither a positive or negative sign, they might wait for the price to rise and sell when they are in profits. As a whole, the flagship asset is bearish for the next 24 hours.