Bitcoin [BTC]: Is this the point where investors “call it quits”

CryptoQuant Analyst, Greatest_Trader, revealed from which there was possible sales pressure Bitcoins [BTC] long-term investors. This perception is perhaps not surprising, especially as BTC led its investors to losses after falling from $22,000 on September 13.

Since then, the royal coin has failed to recover 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. He pointed out that several long-term holders recently sent a significant number of their holdings to exchanges.

This unusual move signaled massive selling pressure by the holders. A look at the exchange rate CDD knew that the analyst raised some valid points.

As of September 18, CDD inflows were 97,770.62, according to CryptoQuant. At press time, it had risen remarkably to 1,495,425.57, indicating that long-term investors may be running out of patience.

Source: CryptoQuant

While referring to the decline in the fortnightly moving average, he added that the selling pressure, if sustained, could take BTC to $16,000.

Not alone in the fight

In addition, it may seem as if Previously talk of Bitcoin getting stronger may already be in the gutter. This was because the analyst mentioned above was not the only one who shared the opinion of a possible price drop.

Another CryptoQuant analyst, BaroVirtual, noted that recent institutional investor inactivity could also send BTC further down. Citing the state of the fund’s market volume on Greyscale Bitcoin Trust (GBTC)BaroVirtual said the decline could mean that BTC could not increase parabolically.

Source: CryptoQuant

While considering GBTC fund market volume, CryptoQuant data showed no sign of improvement. The last time there was a significant increase was on June 23, when the volume went up to 31,277,925.39. Since then it has followed a certain stagnation and a decline until it was 4,125,627 at the time of writing.

But were there any signs that BTC could at least rise above this stalemate?

The opinion of Nicholas Merten did not agree. The experienced analyst and founder of the crypto YouTube channel, DataDash, predicted that BTC was heading lower than the forecast of Greatest_Trader. Merten actually predicted a price drop to $14,000.

In his video uploaded on September 19, Merten cited the position of the 200-week moving average (WMA). According to him, the indicators revealed more resistance than support, highlighting that it was a similar scenario that led to the capitulation in June.

At press time, BTC was trading at $19,327 – up 2.72% from the last 24 hours. Despite the rally, it may be unlikely to expect a rally from the current point.