Bitcoin had another massive wipeout on Thursday as it succumbed to mounting selling pressure. It plummeted to new lows as a result.  BTC retraced from $113,542 to $108,652 during the previous intraday session. It lost almost 4% as the derivatives market posted $1.14 billion in losses, with traders who went long on BTC losing over $200 million.  The precise reason for the price drop remains largely speculative. However, Peter Schiff said the Silver was behind the dip. Expressing surprise over how the precious metal gained almost 3%, the proponent said he did not believe it would be the one to “prick the Bitcoin Bubble.” While Schiff’s statement suggests that investors are moving away from the apex coin, others argue that the recent dip is a one-time occurrence and does not impact the coin’s long-term performance. However, recent data align with Schiff’s assertion. Glassnode noted in a report that Bitcoin accumulation is softening. One of the indicators on the platforms, the Bitcoin accumulation trend score, indicates that the number of buyers decreased in September compared to recent months. The last time the metric displayed such a signal extensively was after the December surge, and it lasted for over three months. Prices reacted with a significant downtrend as selling pressure replaced accumulation. The latest trend suggests growing caution among investors, which may result in supply shocks if buying softens further. Bitcoin may plummet lower in the coming days if the bulls fail to resume accumulation. Based on previous price action, the drop to $108k may be meager compared to what is to come. Nonetheless, in the short term, the apex coin is seeing a slight increase in buying pressure. Data from CryptoQuant shows a significant decline in exchange inflow. Over the last 24 hours, outflows exceeded inflows, resulting in a reduction of exchange reserves. Bitcoin Eyes $107k  Previous price movement suggests the apex coin rebound on Thursday may be short-lived. A closer look at the 1-day chart shows that $108,600 is a price level with limited demand concentration, and further price decline could tear through it. It presents $107,400 as a level with significant demand concentration, and the asset may hold this level for an extended period. However, data from the derivatives market shows mounting pressure from bears. There is a growing number of traders who believe the price will retrace further. As a result, the amount of short positions outweighs the long. Additionally, the taker buy-sell ratio is at 0.94, which is significantly bearish. Nonetheless, a look at the charts reveals that Bitcoin has been rangebound over the last 12 hours. Its first candle of the day was green, indicating a slight price surge. BTC has since erased the gains and is edging closer to retesting the previous day’s low.  However, indicators such as the bollinger bands are pointing to an impending end to the decline. The relative strength index slipped below 30 for a few hours, indicating that the apex coin is oversold and aligns with readings from the BB that a reversal is close. Based on these metrics, BTC may surge higher, but it must break through the small sell wall at $109,800. Flipping it will guarantee an attempt at $111k. However, the US PCE drops a few hours from the time of writing. Prices could plummet as low as $106k if it comes out hawkish. The post Bitcoin Accumulation Weakens as Large Holders Show Caution. Further Downside appeared first on Cointab.Bitcoin had another massive wipeout on Thursday as it succumbed to mounting selling pressure. It plummeted to new lows as a result.  BTC retraced from $113,542 to $108,652 during the previous intraday session. It lost almost 4% as the derivatives market posted $1.14 billion in losses, with traders who went long on BTC losing over $200 million.  The precise reason for the price drop remains largely speculative. However, Peter Schiff said the Silver was behind the dip. Expressing surprise over how the precious metal gained almost 3%, the proponent said he did not believe it would be the one to “prick the Bitcoin Bubble.” While Schiff’s statement suggests that investors are moving away from the apex coin, others argue that the recent dip is a one-time occurrence and does not impact the coin’s long-term performance. However, recent data align with Schiff’s assertion. Glassnode noted in a report that Bitcoin accumulation is softening. One of the indicators on the platforms, the Bitcoin accumulation trend score, indicates that the number of buyers decreased in September compared to recent months. The last time the metric displayed such a signal extensively was after the December surge, and it lasted for over three months. Prices reacted with a significant downtrend as selling pressure replaced accumulation. The latest trend suggests growing caution among investors, which may result in supply shocks if buying softens further. Bitcoin may plummet lower in the coming days if the bulls fail to resume accumulation. Based on previous price action, the drop to $108k may be meager compared to what is to come. Nonetheless, in the short term, the apex coin is seeing a slight increase in buying pressure. Data from CryptoQuant shows a significant decline in exchange inflow. Over the last 24 hours, outflows exceeded inflows, resulting in a reduction of exchange reserves. Bitcoin Eyes $107k  Previous price movement suggests the apex coin rebound on Thursday may be short-lived. A closer look at the 1-day chart shows that $108,600 is a price level with limited demand concentration, and further price decline could tear through it. It presents $107,400 as a level with significant demand concentration, and the asset may hold this level for an extended period. However, data from the derivatives market shows mounting pressure from bears. There is a growing number of traders who believe the price will retrace further. As a result, the amount of short positions outweighs the long. Additionally, the taker buy-sell ratio is at 0.94, which is significantly bearish. Nonetheless, a look at the charts reveals that Bitcoin has been rangebound over the last 12 hours. Its first candle of the day was green, indicating a slight price surge. BTC has since erased the gains and is edging closer to retesting the previous day’s low.  However, indicators such as the bollinger bands are pointing to an impending end to the decline. The relative strength index slipped below 30 for a few hours, indicating that the apex coin is oversold and aligns with readings from the BB that a reversal is close. Based on these metrics, BTC may surge higher, but it must break through the small sell wall at $109,800. Flipping it will guarantee an attempt at $111k. However, the US PCE drops a few hours from the time of writing. Prices could plummet as low as $106k if it comes out hawkish. The post Bitcoin Accumulation Weakens as Large Holders Show Caution. Further Downside appeared first on Cointab.