Indicator Shows Bitcoin’s Selloff May be Running Out of Steam
It has been a rocky past day for Bitcoin, with the benchmark crypto posting massive losses as buyers struggle to garner significant momentum. This selling pressure has sent shockwaves throughout the entire cryptocurrency market, causing altcoins to see massive selloffs that have erased the bulk of their recent gains. One trader is specifically noting that […]
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Bitcoin on-chain data shows the exchange reserve indicator looks different for the current selloff when compared to the May crash. Bitcoin Spot Exchange Reserve Continues To Decline Despite The Huge Dip As pointed out by a CryptoQuant post, the BTC reserve on spot exchanges has actually declined amidst the current price dip. The Bitcoin all exchanges reserve is an indicator that shows the amount of coins present in wallets of all the centralized spot exchanges. When the reserve’s value moves up, it means more investors are sending their BTC to exchanges for withdrawing to fiat or....
On-chain shows Bitcoin miner outflows have been elevated recently, suggesting miners were involved in the recent selloff that took the price of the crypto below $42k. Bitcoin Miner Outflows Spiked Up Before The Crash Below $42k As pointed out by an analyst in a CryptoQuant post, BTC miners seem to have been one of the sellers behind the price drop to $42k. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin exiting wallets of all miners. When the value of this metric spikes up, it means miners are moving a large number of coins out of....
Bitcoin’s price action as of late has been ultra-bullish, with the cryptocurrency setting fresh yearly highs today in the midst of a stock market selloff Its ability to break its close correlation with equities is a positive sign, and could be emblematic of mounting fundamental strength Analysts are now widely noting that upside is imminent in the near-term, with the recent support-resistance flip of $13,200 being a positive technical development One on-chain indicator is also […]
Data shows the Bitcoin trading volume has further declined recently, suggesting that the latest rally may be losing steam. Bitcoin Spot Trading Volume Continues To Decline This Week According to the latest weekly report from Arcane Research, the BTC spot volume has observed further decline in the past week. The “trading volume” is an indicator that measures the total amount of Bitcoin being involved in spot trades on any given day. When the value of this indicator goes up, it means more coins are now changing hands. This trend shows that the network is becoming more active.....
Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff. Bitcoin Miner To Exchange Flow Has Spiked During The Past Day As pointed out by an analyst in a CryptoQuant post, the miners have been showing signs of selling recently. The relevant indicator here is the “miner to exchange flow,” which keeps track of the total amount of Bitcoin that miners are depositing to exchanges. Generally, these chain validators only make such transactions when they intend to sell, so the indicator’s value observing a spike....