The post Bitcoin Enters Distribution Phase, Is This Bad for BTC Price? appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin (BTC), the world’s leading digital asset, has entered the distribution phase. That is, market participants are now actively engaged in selling BTC more than accumulating it. This follows the recent bullish run of Bitcoin and its corresponding price correction. Implication of Bitcoin’s distribution phase In an X post by Glassnode, a leading on-chain analytics platform, the Bitcoin market has shifted as the Accumulation Trend Score (ATS) currently stands at 0.21. This score is a metric used to predict the behavior of Bitcoin holders, with a near-zero score showing distribution or selling. However, a score closer to one signals accumulation. Related Glassnode’s post implies that some Bitcoin holders are selling, regardless of how long they have held onto the coin. This explains the current sell-off in the broader cryptocurrency market, a shift from the trend in December 2024, when the market experienced net accumulation. Analysts consider this a bearish sentiment as more investors seek to lock in profits. This could signal a downturn in the market that might extend the current price slump. As of this writing, Bitcoin is exchanging hands at $95,248.89, representing a 4.68% decline in the last 24 hours. The trading volume has registered an uptick of 46.66% to $69.99 billion, signaling increased activity on the market. Divergent views on Bitcoin’s future Despite this…

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Filed under: News - @ January 9, 2025 2:28 am