Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation
Signs of BTC accumulation begin to emerge as the network’s hashrate rises and exchange outflows increase in July. As the pressures placed on the market by China’s cryptocurrency crackdown begin to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week's unlocking of more than $550 million worth of Grayscale's GBTC shares.Data from Cointelegraph Markets Pro and TradingView shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000....
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