- As the trading and crazy trading continues, exchanges are seeing more BTC entries from the exit. Bitcoin (BTC) has seen high levels of sales. And it fell to $ 30,000 on Jan 26, after new miner exits suppressed the price action.
As the trading and crazy trading continues, exchanges are seeing more BTC entries from the exit. Bitcoin (BTC) has seen high levels of sales. And it fell to $ 30,000 on Jan 26, after new miner exits suppressed the price action.
BTC price rise worsens
Approaching $ 35,000 at the beginning of the week, BTC suddenly showed a U-turn.
At the time of writing, BTC / USD approached $ 31,000, exceeding 24-hour losses by 5%.
A number of factors entered the scene on Monday to keep the bulls from raising prices, suggesting a short-term profit-making mission among market participants.
Miners probably sell it
The data show that miner exits – funds leaving mining pools – are continuing to increase this week. Last week’s price drop came as the biggest pool, F2Pool, saw big ups for several days. This time, however, smaller miners took the lead.
Exits may not specifically indicate that miners are selling BTC. However, it shows that mined cryptocurrencies have moved to places where they would likely be part of a trade.
According to the on-chain analytics resource CryptoQuant, this week, total outflows have decreased compared to last month. However, it still increased compared to recent months.
The stock market is positive for Bitcoin
Looking at the stock markets, traders seem concerned about market power. Unlike Bitcoin behavior during the vertical price growth at the beginning of the year, net flows to the stock markets have been positive in recent days.
Data tracking major exchanges compiled by on-chain monitoring source Glassnode showed that nearly $ 108 million more were invested than Monday’s retracement.
Conversely, the largest supply of altcoin Ether (ETH) on trading platforms fell by $ 47 million, while Tether (USDT) increased by $ 65 million.
Removing cryptocurrencies from exchanges means that their owners have no intention to trade or sell them, but instead put them back into hot or cold storage wallets.
Cryptocurrencies are very active
There are more active Bitcoin addresses than ever before, BTC holdings keep moving in recent days.
Bitcoin Days Destroyed, which measures the amount of each transaction in the Bitcoin network and how long ago the associated cryptocurrencies moved, hit three-month lows this week.
Glassnode watched a sharp drop in the metric in January. And the all-time high behind Bitcoin coincided with a $ 42,000 trading frenzy.
At the same time, the number of wallets exceeded 1.24 million as of January 8, when the data was last available.
Bitcoin price is in resistance …
Spot market on Tuesday is showing multiple resistance levels in BTC / USD. Sellers were ranked in increases of $ 1,000, starting at $ 35,000.
So far the bulls have not been able to overcome any of them, with support at every $ 1,000 up to $ 27,000.
… and the greed subsided a little
Finally, a classic measure of investor sentiment, after hitting record levels in the 4th quarter of 2020, recently returned to October levels, but later rose to 71.
The Crypto Fear and Greed Index, which uses a number of factors to determine whether investors themselves will cause Bitcoin to explode or fall, replaced “extreme greed” with relatively normal “greed.”