Bitcoin News Today – Headlines for September 17

Bitcoin Trading
  • Bitcoin starts a sharp rally leaving altcoins behind
  • Despite the near term bull trend, technical and on-chain signals suggest a bearish reversal is nigh
  • The long-term on-chain trends of Bitcoin are still positive

Bitcoin News Today – Despite the weakness in the altcoin market, Bitcoin (BTC) has been pushing higher. On Wednesday morning, the price of the benchmark digital currency surged higher and broke over the $11k mark. At the time of writing, the digital currency is changing hands slightly below the $11k mark, at $10,980. While the price action of the digital currency is undoubtedly positive, there are some technical and on-chain signals suggesting a bearish reversal is close.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

There Is a Significant Spike in Idle for Bitcoin

In a tweet yesterday, Santiment – a blockchain analytics company – talked about the next move of Bitcoin. According to data from the firm, there has been a “significant spike in idle for Bitcoin” changing hands, suggesting a long-term whale or holder is looking to spend his or her holdings. While it Is not clear what the user or users intend to do with the coins, such on-chain shifts allegedly signal trend changes:

“With this latest $BTC token age consumed spike, the largest in nearly 5 months (since Apr 29th), we are at a very important moment with #Bitcoin on the cusp of breaking $11k again. This metric typically indicates an imminent price direction shift.”

If Bitcoin reverses from its current levels, it would market a bearish reversal of the present rally, not a continuation to the upside. It seems like Santiment is not the only one putting up this sentiment, as many technical analysts are also saying the same thing.

According to a recent report by NewsBTC, analysts believe that the ongoing Bitcoin rally could end at $11k to 11,200. A trader also released a chart that shows that the region fits with his Fibonacci Retracement analysis. Another trader also noted that the digital currency firmly bounced off $11k to $11,200 several times in August, suggesting it is an important level to watch.

Bitcoin (BTC) Is Still Positive On the Long-Term On-Chain Trends

The near term on-chain trends might be telling digital currency traders to be careful. However, investors should not be worried as the long-term on-chain trends of the digital currency are still very positive, suggesting a steady bull rally is likely in the coming years. CryptoQuant – a blockchain data analytics company – recently shared a table that shows that many leading on-chain indicators signal it is time to buy Bitcoin.

The swath of leading on-chain indicators ranges from metrics of miner health to exchange flows and stablecoins. Some indicators, such as those focused on stablecoins, signal a “strong buy” for Bitcoin.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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