CRYPTOHELL
Short-term traders are starting to prepare to sell their Bitcoin.
If we look at the Exchange Reserve indicator, it shows an increase in the metric with a total of 2.19 million worth of Bitcoin currently stored in exchanges. Based on its characteristics, it's likely that short-term traders are the ones sending Bitcoin to the exchanges. Therefore, we also need to pay attention to the Short term holder SOPR indicator. So, what is the Short term holder SOPR indicator? Short Term Output Profit Ratio( STH-SOPR) is a ratio of spent outputs (alive more than 1 hour and less than 155 days) in profit at the time of the window. It is calculated as the USD value of spent outputs at the spent time(realized value) divided by the USD value of spent outputs at the created time(value at creation). So, what is exchange reserve? Exchange reserve is a collective measure of potential coins that are ready to be sold in the market. Exchange Reserve is the accumulated result of Exchange In/Outflow & Netflow which naturally follows the indications that in/outflow has. Similar to Exchange NetFlow's interpretation, an increasing trend in netflow indicates the selling pressure and the decreasing trend indicates the buying pressure. Looking at its value, which touched 1.05 on March 14th, indicates that short-term traders dominate the market currently. There are many factors that influence this, including: 1. The upcoming FOMC Meeting on March 22nd, 2023 2. The majority of Muslim traders may decide to withdraw as Ramadan approaches 3. Traders feeling satisfied with their profits and preparing to exit the market at $30k. Yup, the $29k to $32k price range is a resistance that needs to be taken into account. So, it's understandable that with the current price already at $27k+, traders are preparing to gradually sell their Bitcoin supply. However, the most noticeable factor currently affecting the market is the FOMC meeting, so be careful on March 22nd, alright?