Select Page

Bitcoin (BTC) Supply At Exchange Hit 4-Month High, Trades Hesitant to Buy the Dips

Bitcoin (BTC) Supply At Exchange Hit 4-Month High, Trades Hesitant to Buy the Dips
Loading...
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

After crashing under $50,000 earlier this week, Bitcoin (BTC) is struggling to make a move northward. The world’s largest cryptocurrency has lost its trillion-dollar status and continues to remain under pressure. At press time, Bitcoin is trading at a price of $49,023 with a market cap of $924 billion.

This happens as Bitcoin inflows at the exchanges continue to rise further. Traders have been depositing a large number of BTC to the exchanges, a bearish indicator that suggests liquidation. On the other hand, the USDT supply at exchanges is dropping showing lower buying interest. As on-chain data provider Santiment reports:

“The supply of #Bitcoin sitting on exchanges is currently back to its highest level since January 14th. The 4-month high is indicative of fear, and the supply of #Tether being near a 2021-low is also an indication traders are hesitant to buy this dip.”

Bitcoin BTC Exchange Supply
Courtesy: Santiment

Bitcoin (BTC) Whales Reduce Supply In the Last 5 Weeks

Even before the market crash following Tesla’s decision, the Bitcoin whales had started reducing their supplies. Bitcoin (BTC) whale addresses holding between 100 to 10,000 coins have liquidated over 100,000 BTC worth $5.74 billion over the last five weeks. This is the lowest supply held by these addresses since February.

Also, there’s a clear sign that the Bitcoin network has been on a declining trend. The BTC percent miner revenue coming from fees alone has reached a 4-month low.

Some Positive Bitcoin (BTC) Indicators

But not everything is a bad sign for Bitcoin at the moment. There’s are some positive indicators and historical trends that suggest that Bitcoin (BTC) might be heading ahead for a further bull run in the coming months.

Based on historical trends, popular analyst PlanB mentions that we are in the mid-bull run currently as Bitcoin’s relative strength index (RSI) has dropped to levels seen between 2013 and 2017. As seen from the below chart, the Bitcoin price surged once again to new highs.

Also, as reported by Glassnode, Bitcoin’s Spent Output Profit Ratio (SOPR) has dropped below 1 indicating a bottom formation. Hopeful that Bitcoin (BTC) shall resume its upward journey from here onwards.

The post Bitcoin (BTC) Supply At Exchange Hit 4-Month High, Trades Hesitant to Buy the Dips appeared first on Coingape.

 

Source: Coingape

 


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now
Loading...

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here
Loading...

Categories

Select Sub Category
category
61060509ecc18
1
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber