Why Bitcoin price trend remains undecided

 The Bitcoin price trend offers mixed signals about the direction BTC is heading. On-chain analysts from Jarvis Labs believe Bitcoin's next move will be determined by its performance in US equity markets. Bitcoin price may plummet and even hit the target of $16,900 in near-term.

Why Bitcoin price trend remains undecided

Bitcoin was able to maintain its holding pattern while investors are watching for information regarding inflation. Bitcoin price was unable to stay above $19,000, and incurred 6.2 percent losses to holders in the last week. In the last one month BTC value fluctuated in between $19,000-$21,000 mark.

The market is cautious in anticipation of Wednesday's announcement from the Federal Open Market Committee (FOMC) The body that decides on monetary policy that is part of the US Federal Reserve. The FOMC's announcement could affect the sentiment of traders towards risks like cryptocurrency and Bitcoins.

Analysts at the company that conducts research Jarvis Labs rifled through Bitcoin accumulation, BTC whale holdings, divergence charts , and prices based on timezones but with no success. Analysts did not find any significant trends in the value of Bitcoin.

Analysts analyzed their assessment of the Bitcoin Supply shock ratio. It is a measurement of the number of Bitcoins that aren't being transferred to the network. Will Clemente, a leading cryptocurrency analyst, has shared the chart below.

Analysts generally classify Bitcoin as non-liquid, in light of the current supply Shock Ratio. The behaviour of big investors in wallets indicates reservations about transactions with Bitcoin. The more positive the reading more robust the power of Bitcoin price increase. When the value is shifted to the side for a certain period of time, there will be an enormous rise in BTC. The only exception is the crash in March 2020 in Bitcoin.

It is evident that a substantial part of Bitcoin supply is functioning similarly to the past, when paired with an open interest that is high in Bitcoin futures is a reason to think this to be a rubber band configuration.

Analysts from Jarvis Labs remain undecided on the Bitcoin price's direction from the chart. However, they believe that this is as a sign of testing further towards the negative. The liquidity on Bitcoin sites is approximately $18,000, and bigger pools begin at the $16,900 threshold. Bitcoin price declines to the $16,900 range is more likely.

ElCryptoProf an anonymous crypto analyst, believes that Bitcoin price is in the right place to increase at the current price, which is above $19,000. The analyst employed the buy/sell indicator to identify every bottom and high in Bitcoin's price time.

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