An analyst warns if Bitcoin (BTC) support is nearing $ 9,000, Exchange users could sell a lot…
According to information from the CryptoQuant chain analysis resource The amount of BTC on the exchanges rose on July 15.
Kraken publishes unusual $ 38.5 million daily BTC deposits
When traders return their Bitcoin to exchanges from a private wallet from BTC suggests that have the desire to trade or sell at short notice.
The opposite is also the case, as Cointelegraph reported; The stock markets’ balance sheet showed a long-term downward trend, which reached its lowest level in May since the end of 2018when BTC / USD fell to $ 3,100.
Now CryptoQuant says: The nervousness about the weak price trend seems to send a signal to prepare for the declining volatility.
With regard to octopuses, the large trading platform, the data show this As of Wednesday, 4,229 BTC ($ 38.5 million) was entered, far more than the average of 500 BTC ($ 4.55 million) in the past few weeks.
Although the details of the order book are still pending, Kraken may have an anomaly that does not reflect the general mood of the traders. The general conditions are decidedly bearish.
“I hope for a little setback”CEO Ki Young Ju said Cointelegraph in private comments.
Ki added that When a sale starts, it is not expected to coincide with March if an event halves BTC / USD within a few hours.
“I think it will be around $ 8,800,” he said.
Deposit chart on 3-week Bitcoin exchanges. Source: CryptoQuant
The number is less pessimistic than other recent goals. Earlier this week, filbfilb, the Cointelegraph analyst, Bitcoin’s 20-week moving average at $ 8,200 has been highlighted as a realistic buying support zone.
For all exchanges now Deposits remain well below their decline in March, indicating that the trend toward sustaining rather than selling continues.
1 year Bitcoin Exchange deposit table. Source: CryptoQuant
The BTC price drops close to USD 9,000
Bitcoin is still tied to movements in the macro markets, which in turn are determined by the mood of the corona virus and the geopolitical tensions between the United States and China.
The status quo was difficult to changeand was responsible for the trading broker where BTC / USD has not quit since the third week of June.
1-day BTC / USD chart. Source: CoinMarketCap
At press time, the pair was trading at $ 9,080, while selling pressure seemed to increase according to CryptoQuant predictions.
The last time Bitcoin briefly lost the $ 9,000 level was on June 28thIn the meantime, it peaked at $ 9,480.