A new report said that Bitcoin (BTC), which reached its highest level in more than a year, was different from Bull Bull 2019 as currency balances fell.

Bitcoin review by Delphi Digital was published on September 21 and shared by Cointelegraph, and it highlights unique trends in BTC pricing.

Report: Bitcoin processors now have ‘longer time horizons’
Bitcoin, which hit $ 12,500 last month, had little to do with $ 13,800 in 2019, according to the three researchers who compiled the report.

This is due to the fact that the foreign exchange balance increased at that time, and this year it continued to decline despite the rise in prices. Hence, the overall selling pressure between traders and investors is less this time.

“In contrast to the price movement in 2019, which coincided with an increase in the bitcoin share, in this current trend there is a discrepancy between the bitcoin share and the price,” the researchers said.

“This indicates a more consistent bullish move in Bitcoin compared to 2019, as the data points to a base with longer time horizons.”

The results are in line with other recent studies of trader behavior, with the CryptoQuant analyst reaching similar conclusions regarding coin balances.

Bitcoin has fallen on exchanges from steady highs of 2.96 million BTC in February to 2.59 million BTC at time of publication. BTC / USD is trading in the same range as on this date – $ 10,430 versus $ 9,580 on February 20.

The “healthy” demand for bitcoin (BTC) reduces the flow of mines
Continuing, Delphi notes that there are other factors that can contribute to changing loafing habits. For example, they can use stacked coins as collateral for transactions, or simply leave BTC on exchanges instead of storing them in special wallets.

“When the price rises and the stock BTC falls, this indicates a trend towards a build-up of BTC,” the researchers say.

As reported by Cointelegraph, Bitcoin’s volatility caused short periods of anxiety for miners, despite the fact that the underlying networks were now in high demand.

The flow of Bitcoin from mining to the exchange has reached several peaks in recent months, but over time Delphi has noticed that its influence is diminishing.

On September 13th, we witnessed the largest daily bid at 1114 BTC. In particular, this did not cause negative price movement.

“The recent large flows (marked by green bubbles) have met with adequate supply, indicating strong demand.”

One of the researchers, Paul Berlage, on Twitter highlighted the rise in bitcoin whales, which are now moving in line with rising prices.

In the future, there will be threats to Bitcoin’s stability, especially from abroad, whether in safe havens or in traditional macro assets that depend on the strength of the US dollar.

Source: CoinTelegraph