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Bitcoin bulls stand firm as short-term traders prepare for a potential dip

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According to pseudonymous CryptoQuant analyst Cryptohell , Bitcoin’s  [BTC] Exchange Reserve metric has spiked due to the king coin trading at a nine-month high, indicating that traders have been cashing in on the recent surge in price to make profits.

BTC’s Exchange Reserve was 2.19 million BTCs as of this writing. This metric is a collective measure of potential coins that sit on cryptocurrency exchanges and are ready to be sold in the market.

A rise indicates higher selling pressure lingers in the market, while a decline suggests traders favor accumulation. Source: CryptoQuant In an uptrend, Cryptohell opined that based on the characteristics of BTC’s Exchange Reserve, “it’s likely that short-term traders are the ones sending Bitcoin to the exchanges.”Is your portfolio green?

Check the Bitcoin Profit Calculator The analyst assessed BTC’s Short-Term Output Profit Ratio (STH-SOPR) metric to determine what short-term traders have been up to.

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