BTC Roaring in Pain, Will the Price Hemorrhage Again?

<p>&nbsp;"Hmmm BTC price looks like it's going down again but I don't know if it will suddenly go up."</p><p><br /></p><p>The price of Bitcoin (BTC) appears to have plunged to $28,860 as the cryptocurrency investment product saw $6.5 million in outflows in the first week after four straight weeks of inflows totaling $742 million from institutions.</p><p><br /></p><p>The streak, traders who believe that buying by institutions has ended, followed mostly by selling their respective BTC holdings.</p><p><br /></p><p>In addition to BTC, the entire crypto market also experienced significant selling pressure as over $90 million worth of digital assets were liquidated in an hour and $150 million in the past 24 hours.</p><p><br /></p><p>Government bond yields around the world also fell as the yield on the 10-year US Treasury note fell to 3.81% but traders are now preparing for interest rate decisions from the Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of Japan (BOJ).</p><p><br /></p><p><br /></p><p>However, BTC is expected to make a decline first before continuing the bullish movement but the price needs to break through the strong resistance zone at $30,400 to indicate that the uptrend has started.</p><p><br /></p><p>Many investors are confident that the price of BTC will rise as the balance of the digital asset for long-term holders has increased significantly in the past 30 days while the balance of BTC held for 155 days or more successfully reached 62,000 BTC.</p><p><br /></p><p>Overall, the supply of long-term BTC holders reached an all-time high of 14.52 million BTC, which means around three-quarters of the circulating supply of the digital asset is already in the hands of long-term holders.</p><p><br /></p><p>So here would like to emphasize that the sudden selling pressure is a bullish sign for the crypto market including BTC.</p><p><br /></p><p>As of this writing, BTC price has plunged by 2.77% to $29,068 in the last 24 hours with a market capitalization of $565 billion while Ethereum (ETH) has slipped 1.58% to $1,847 and Ripple (XRP) is down 5.23% to $0.69.</p>