Bitcoin is facing exhaustion, having witnessed a speedy rally to $8,900.
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Research by @glassnodealerts shows bitcoin's net exchange flows dropped to a one-year low of -113,770 on Wednesday. The previous one-year low of -64,414 was seen on May 31, 2019.
A surge in outflows (from exchanges to addresses) is usually taken as a sign of HODLing - coins being retracted from active trading, and thus potentially implying a reduction in near-term selling pressure.
According to an official at the crypto exchange Bitfinex, a reshuffling of funds may explain at least one large transaction.
“This is a 1.5k BTC hot-wallet refill," Bitfinex's chief technology officer Paolo Ardoino tweeted on Wednesday. He added that "123k went to change address." |
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Bull Breather
BTC: Price: $8,670 | Market cap: $157 billion | 24-Hr Volume: $33 billion
Trend: Bullish Bitcoin witnessed two-way business on Wednesday and ended up creating a "doji" candle - widely considered a sign of indecision in the marketplace.
In this case, the candle could be considered a sign of buyer exhaustion, as it has appeared following a sharp rally from $6,850 to $8,900 and suggests the indecision is predominantly among bulls.
Bull breather often paves the way for a price correction. A notable pullback to $8,200 could be seen if the support at $8,555 is breached, confirming a double top breakdown on the hourly chart.
That said, the outlook will remain bullish as long as the higher low of $7,667 created on Jan.10 is intact. That, however, looks unlikely with the 5- and 10-day averages continuing to trend north. These averages, currently at $8,508 and $8,276, tend to reverse pullbacks when they are on an upward trajectory. Further, the longer-timeframe charts have recently turned bullish. Read Analysis |
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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