The crash on September 7 shook the crypto market. While most cryptocurrencies regained composure and recovered, Bitcoin (BTC) is still struggling.
Due to some resistances on the price charts, the most famous cryptocurrency has not reclaimed the $52,000 mark yet. The investors are at a greater disadvantage due to the losses they suffered. Some may have been forced to sell their tokens to get back security. The struggling BTC is sure to influence consumer behavior.
Retaining the Bullish Nature
Some tokens were sold on the day of the crash, but the more popular trend in the market currently is buying. BTC is stagnant at $47k in the present. But this is not discouraging the investors whose attitude has turned more bullish in the recent turn of events. The market reflects this trend as the balance on exchanges plummets to its lowest value in the past 3 years.
On the other hand, this month saw the highest exchange withdrawals. Around 2,500 Bitcoins were out of the exchanges over the last week. The social trend of Buy the Dip could have contributed to withdrawals. Buy the Dip rose to a 4-month high as more motivated investors jumped into the market.
Will Buying Help
Buying did help. At the time of writing the market has moved back into profits. According to the Price DAA Divergence this change in weather is a strong buy signal. The time to pick off Bitcoin is perfect now, as active addresses have increased and prices have declined. Investors of Bitcoin remain resolute.