{"id":391761,"date":"2024-05-14T00:30:59","date_gmt":"2024-05-13T19:00:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391761"},"modified":"2024-05-13T18:00:57","modified_gmt":"2024-05-13T12:30:57","slug":"why-bitcoin-holders-may-need-to-wait-a-bit-longer-for-70k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoin-holders-may-need-to-wait-a-bit-longer-for-70k\/","title":{"rendered":"Why Bitcoin holders may need to wait a bit longer for $70K"},"content":{"rendered":"<ul>\n<li><em>Buying momentum on Coinbase decreased, suggesting a further decline for Bitcoin.<\/em><\/li>\n<li><em>The negative Sharpe Ratio indicated that BTC might not produce good gains in the short term.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> might experience another downturn, according to signals from the Coinbase Premium Index.<\/p>\n<p>This index shows the level of buying pressure among investors in the U.S.\u2014 especially as the nation has a high number of Bitcoin holders.<\/p>\n<p>High premium values indicate an increase in buying pressure. On the other hand, a low reading of the Coinbase Premium Index suggests a surge in sell-offs.<\/p>\n<h4>The big players are letting go<\/h4>\n<p>According to AMBCrypto&#8217;s analysis using CryptoQuant, the index was -0.050 at press time. This was a sign that many U.S. Bitcoin holders were selling instead of accumulating.<\/p>\n<figure id=\"attachment_391789\" aria-describedby=\"caption-attachment-391789\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index.png\"><img decoding=\"async\" class=\"size-full wp-image-391789\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index.png\" alt=\"US Bitcoin holders are selling on Coinbase\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-coinbase-premium-index-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-391789\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>Signal Quant, a wallet profiler and author on CryptoQuant <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/664198213620712660f52dd7-Coinbase-Premium-Trend-Says-Wait-and-See-now\" target=\"_blank\" rel=\"noopener\">commented<\/a> on the trend.<\/p>\n<p>According to the handle, the state of this leading indicator means that Bitcoin&#8217;s price might experience another correction before a significant bounce.<\/p>\n<blockquote><p>&#8220;The current Coinbase Premium trend is currently positive, close to zero. So if the historical pattern repeats itself, we may have a better chance of success if we wait a bit longer and invest in the rebound after the trend turns negative.&#8221;<\/p><\/blockquote>\n<p>At press time, the price of BTC was $62,785 \u2014 a 2.94% increase in the last 24 hours. Coming from the analysis above, this price increase might not last long.<\/p>\n<p>But if users in the U.S. start to buy in large numbers, this bearish outlook might be invalidated. However, AMBCrypto considered other metrics to confirm it a rise beyond Bitcoin&#8217;s current peak could take more time.<\/p>\n<h4>Risky season is here<\/h4>\n<p>To do this, we looked at the <a href=\"https:\/\/messari.io\/project\/bitcoin\/charts\/market\/chart\/daily-shp\" target=\"_blank\" rel=\"noopener\">Sharpe Ratio<\/a>. In simple terms, this metric tells you whether to take a risk with an investment or not.<\/p>\n<p>If the Sharpe Ratio is positive, it means that the potential Return On Investment (ROI) might be great compared to the risk involved.<\/p>\n<p>Furthermore, a negative Sharpe Ratio indicates that the possible reward might not be worth the risk. This was the case with Bitcoin, as blockchain analytics tool Messari showed that the reading was -2.22.<\/p>\n<figure id=\"attachment_391794\" aria-describedby=\"caption-attachment-391794\" style=\"width: 1111px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio.png\"><img decoding=\"async\" class=\"size-full wp-image-391794\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio.png\" alt=\"Bitcoin Sharpe Ratio shows a bearish signal\" width=\"1111\" height=\"584\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio.png 1111w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio-1024x538.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-sharpe-ratio-768x404.png 768w\" sizes=\"(max-width: 1111px) 100vw, 1111px\" \/><\/a><figcaption id=\"caption-attachment-391794\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p>However, returns for BTC might start to rise once the metric rises to the zero midpoint. In the meantime, Bitcoin&#8217;s total supply in profits was 87.03%.<\/p>\n<p>For a significant bounce to occur, the percentage might need to decrease. And a <a href=\"https:\/\/app.santiment.net\/charts\/qxe1n0dl__sCl\" target=\"_blank\" rel=\"noopener\">reasonable point<\/a> for it to drop to could be 78.20%. This was the same profit supply Bitcoin had before it rallied back in March.<\/p>\n<p>If the supply declines to a similar level, BTC might begin a run that could take it above $75,000.<\/p>\n<figure id=\"attachment_391810\" aria-describedby=\"caption-attachment-391810\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply.png\"><img decoding=\"async\" class=\"size-full wp-image-391810\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply.png\" alt=\"Bitcoin circulation falls, while supply in profit jumps\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/bitcoin-circulations-and-profit-supply-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-391810\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>In addition, the one-day circulation was down to 17,600, indicating that the number of coins engaged in transactions has decreased.<\/p>\n<p>Should the circulation increase, Bitcoin might begin another trip down the charts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pressure from the U.S market suggests Bitcoin may fall before bouncing back.<\/p>\n","protected":false},"author":72,"featured_media":391826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-391761","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Bitcoin holders may need to wait a bit longer for $70K - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin[BTC] might experience another downturn, according to signals from the Coinbase Premium Index. 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