![Bitcoin [BTC]: To sink or swim, investors unsure of market’s next direction](https://coinlocally.com/e-learning/wp-content/uploads/2023/05/Bitcoin-BTC-To-sink-or-swim-investors-unsure-of-markets-next-direction-1024x576.jpg)
The price of bitcoin and the SOPR indicator have gone sideways as investors remain unsure of the market’s direction. This points to a probable distribution scenario in which short-term holders sell their coins while the market remains vulnerable to a price decrease. This view was supported by BTC’s Bollinger Bands indicator on a 24-hour chart. BTC has been trading in the middle of the upper and lower Bollinger Bands, indicating that there is no significant buying or selling pressure in the market. Furthermore, BTC’s On-balance volume has been sideways since the end of April, and long-held BTC coins have stayed dormant, contributing to the asset’s price volatility.
Furthermore, BTC’s Mean Dollar Invested Age (MDIA) measure has been growing, indicating that the location of the investments is becoming less active with time. To reclaim the $30,000 price threshold, attitudes must improve and long-held coins must be traded.
