Bitcoin price clings to $32K as on-chain metrics hint at further downside
China’s continued crackdown on Bitcoin mining and OTC transactions, along with prolonged technical weakness, triggered BTC’s drop to a 6-month low. Cryptocurrency investors awoke to another round of price declines on June 22 after the price of Bitcoin (BTC) dropped to a 6-month low at $28,805. The dip below the crucial $30,000 level might appear to be a prime buying opportunity but data shows that institutional investors are continuing their longest selling streak since February 2018.Data from Cointelegraph Markets Pro and TradingView shows the June 21 dip below $32,000 and recovery above....
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Bitcoin’s price action is still above the $100,000 threshold and within striking distance of its all-time high at $111,700, but its on-chain activity tells a completely different story. According to the latest report from on-chain analytics firm Glassnode, even though Bitcoin’s price is pushing to new heights, underlying blockchain metrics have slipped into territories more […]
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