Bitcoin [BTC]: Is this the point where investors stop?

CryptoQuant Analyst, Greatest_Trader, uncovered that there was potential selling pressure Bitcoins [BTC] long-term investors. This opinion may come as no surprise, especially as BTC led its investors into losses after falling from $22,000 on Sept. 13.

Since then, the king coin has not recovered and has been trading below $20,000 for the past few days.

HODLing is now a Herculean task

According to the analyst, the current market direction was responsible for this adjustment. He pointed out that several long-term holders have recently sent significant numbers of their holdings to exchanges.

This unusual move signaled massive selling pressure on the owner side. A look at the stock market inflow CDD showed that the analyst raised some valid points.

As of September 18, the CDD of exchange inflow was 97,770.62 according to CryptoQuant. At press time, it had risen notably to 1,495,425.57, suggesting that long-term investors may be losing patience.

Source: CryptoQuant

While referencing the decline in the fourteen-day moving average, he added that if the selling pressure persists, it could take BTC to $16,000.

Not alone in the fray

In addition, it seems that the earlier Talks of Bitcoin getting stronger may already be in the drain. Because the analyst mentioned above was not the only one who shared the opinion about a possible drop in the price.

Another CryptoQuant analyst, BaroVirtual, written down that inactivity by recent institutional investors could also send BTC further lower. Citing the state of the fund market volume of Grayscale Bitcoin Trust (GBTC)BaroVirtual said the drop could mean BTC could not go parabolic.

Source: CryptoQuant

While judge As for GBTC fund market volume, CryptoQuant data showed that there was no signal of improvement. The last significant increase came on June 23 when volume surged to 31,277,925.39. Since then it had followed some stagnation and decline until it was 4,125,627 at the time of writing.

But have there been any signs that BTC might at least break through this standoff?

Nikolaus Merten’s opinion was wrong. Veteran analyst and founder of crypto YouTube channel DataDash predicted that BTC would fall below Greatest_Trader forecast. In fact, Merten predicted a price drop to $14,000.

In his Video Uploaded on September 19, Merten cited the 200-week moving average (WMA) position. According to him, the indicators were showing more resistance than support, suggesting that it was a similar scenario that led to the capitulation in June.

At press time, BTC is trading at $19,327 – up 2.72% over the past 24 hours. Despite the uptrend, it might be unlikely to expect a rally from the current point.

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