Bitcoin, that sleek, gilded creature of the digital realm, found itself under the weight of renewed selling pressure on Thursday, its price quivering beneath the $105,000 mark like a moth caught in a tempest. The market, ever the melodramatic actor, rekindled comparisons to its earlier cycles, as if the past were a ghost whispering secrets to the present. 🕯️
Yet, the arcane scrolls of on-chain data hint at a 2025 landscape more robust than the brittle structures of 2020 or 2021. A testament to evolution, perhaps? Or merely the hubris of a system that believes itself immune to the laws of entropy? 🧠
The Same Shock, New Bitcoin
This time, the exchange reserves did not swell with the frenzied selloffs of yore. Instead, they lingered near decade lows, as if the digital gold had grown weary of the trading floors’ cacophony. The scarcity of readily available Bitcoin, a rare bird in a world of abundance, dampened the potential for prolonged selloffs, creating conditions ripe for a swift recovery. 🦉
The long-term holders, those stoic paragons of patience, remained as unshaken as a well-tended garden in a storm. Their Long-Term Holder Spent Output Profit Ratio (LTH-SOPR) danced near neutrality, a stark contrast to the abyssal readings of previous capitulations, where panic reigned supreme. Instead of fleeing, they selectively harvested profits, a dance as old as the market itself. 🌀
History, that fickle muse, has shown Bitcoin’s penchant for recovery. The March 2020 crash, that chaotic symphony, cleared the excess leverage, allowing whales to resume their ballet of buying. In May 2021, the same cycle repeated-selling high, buying low. After the August 2023 US debt downgrade, a swift rebound followed, as if the market had merely paused for a sip of coffee. ☕
Each cycle, a lesson in resilience. The current setup, the analysts opine, “does not equate to structural weakness.” Unless a surge in exchange inflows triggers a deluge of selling, this retracement appears less like a capitulation and more like a strategic retreat. A consolidation, not a collapse. 🧱
BTC Still Leaving Exchanges
Swissblock, that discerning observer of the digital cosmos, noted that Bitcoin’s downturn reflects consolidation rather than panic. After weeks of heavy exchange outflows, driven by long-term holders’ quiet accumulation, some selling resumed-but with the intensity of a sigh, not a scream. BTC continues to flee exchanges, albeit at a slower pace, a testament to investors’ enduring faith. 🧭
“The true impact of the weekend’s deleverage will surface as participants reposition. So far, on-chain behavior supports short-term bullish structural consolidation, not panic or forced selling.”
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2025-10-17 20:39