Bitcoin Miners Have Nearly Stopped Sending Coins to Exchanges: Bullish Setup?
Bitcoin is holding above $76,000 as the market pushes against resistance and bulls attempt to build the momentum needed for the next leg higher. The price is constructive but not yet decisive, and an Arab Chain report has just identified a behavioral shift among Bitcoin’s most structurally significant sellers that changes the supply picture behind […]
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Bitcoin rose dramatically in the past few days, pushing past several barriers until it got to the 4th arc on this setup on the daily chart: As you can see, it was this same arc pair that stopped the last major advance in early January of this year. This setup is sized from the start of the current rally in August 2015 and the spike top 3 months later at almost $500. You really can’t make a bigger useful setup from this chart. The question that always arises is: “Will it get through the arc quickly this time?” Regretfully, there aren’t many clues on the chart. It does not bode well that the....
On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish. Bitcoin Miners Have Been Depositing Big To OTC Desks Recently As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks […]
With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset’s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this. Sellers Beginning To Cool Off Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their....
Bitcoin exchange reserve has fallen off a cliff, on-chain analysis shows. This behavior is usually a bullish indicator for the BTC market. Bitcoin All Exchanges Reserve Is Down As pointed out by a CryptoQuant post, the BTC all exchanges reserve indicator has surged downhill over the past couple of days. The Bitcoin all exchanges reserve is an indicator that shows the amount of BTC stored in wallets of all exchanges. When the metric’s value goes up, it means more investors are sending their crypto to exchanges. More BTC in exchanges implies a selling pressure. On the other hand, when....
On-chain data shows miners have sent a never-before-seen amount of Bitcoin to exchanges as the crypto touches $55k. Bitcoin Miners Send An Unusual Amount Of Coins To Exchanges As pointed out by a CryptoQuant post, on-chain data shows miners have sent an unprecedented amount of Bitcoin to exchanges. The indicator of relevance here is the […]