Bitcoin has now been trading at the lower trend line of the big ascending channel on the daily for a week now. If Bitcoin dumps out of that channel, another retest of 8,800 dollars could be the next step and if that level doesn’t hold, a fierce dump down to 7,800 dollars could be the consequence as there’s historically very little price action between those 2 levels.
However, there is one very interesting fact that could indicate that we might see another bull market soon; The amount of Bitcoin moved is as low as last time in 2016, right before the big pump from 400 dollars to 20,000 dollars.
To be specific, only 38,5% of all mined Bitcoin was moved over the past year – and that means that 61,5% of all BTC are not being moved. They stay in their wallets and as long as they do that, they are not being dumped on the market. This alone is not enough to spark a bull market, else it would be here already, but it is a very important factor to consider.
While possibly not impacting the price action in the short term, this fact could come into play if the bulls finally take back control for good.