• BTC exchange inflows have gradually slowed since the initial rush of the rally.
• Long-term holders were selling BTC at better margins as compared to short-term holders.

The crypto market’s excitement has skyrocketed amid a flurry of applications for a spot Bitcoin [BTC] ETF. Interest shown by TradFi giants has rekindled hopes of a BTC bull run among market participants.

Is your portfolio green? Check out the Bitcoin Profit Calculator

Amidst this fervor, a technical analyst CryptoCon examined a key indicator and came up with a positive prediction. The analyst highlighted the trajectory of Bollinger Band Width, an indicator commonly used to visualize periods of high and low volatility.

As per the indicator, BTC entered a low volatility zone, hitting levels which have historically shown to be preceding historic bull runs of 2017 and 2021. The analyst enthusiastically remarked,

“When volatility gets low in a bull market, it’s insanely bullish.”

Are holders in profit?

Bitcoin’s price has rallied 13% since the news of BlackRock’s filing for spot ETF was made public, as per CoinMarketCap. In the process, it also topped $31,000, the highest level in more than a year.

Bitcoin’s Long Term Holder SOPR, a measure of the profit margins of seasoned investors of the king coin, revealed that most of these holders were selling BTC at profits. According to CryptoQuant, the SOPR value was 1.29%, indicating that BTC could in the early phases of a bull cycle.

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Author: Suzuki Shillsalot

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