Selecting a timeframe for technical analysis is always a tricky topic, but usually, the longer the trend, the higher the odds it shall prevail.
However, data from on-chain analytics firm Glassnode shows that long-term investors have stopped net accumulating and are now diversifying into altcoins.
To understand how bullish or bearish professional traders are leaning, one should analyze the futures basis rate.
Curiously, that same day marked the end of a 23-day bear movement that took Bitcoin from $52,700 on Sept.