Bitcoin (BTC) Price Analysis: Will the Cryptocurrency Continue to Drop?

just closed another week below its bullish market support band on the 1-week time frame. Consequently, more traders are turning bearish

Bitcoin price dropped below a crucial bullish support band on the 1-week time frame. This occurrence usually heralds more traders turning bearish. However, despite this, things have been quite rocky for leveraged shorts traders.

The price has been stuck in a narrow range evident in the weekly timeframe. On top of that, BTC’s price remained below bullish support band, fueling more bearish speculation.

The Bitcoin bull market support band inversion is just one of the bearish signals suggesting more potential downside ahead. Short traders have been doubling down on their positions. But as our findings show, the number of shorts liquidations were still low compared to what we observed earlier this month.

But the most important question on most Bitcoin holders’ minds is whether the cryptocurrency will continue to drop. Bitcoin ownership stats by time held reveals that whales continue to HODL.

For example, the number of whales HODLing BTC on a YTD time frame grew from 35.33 million addresses to 37.88 million addresses as of the latest stats.

Whales holding on to Bitcoin is a good sign because they have a significant impact on the market collectively. However, the same data also indicates that the retail class of holders have declined during the same period.