Bitcoin’s bulls and bears have reached an impasse as the cryptocurrency enters a consolidation phase within the upper-$6,000 region. This lackluster bout of sideways trading comes shortly after the crypto faced multiple firm rejections in the lower-$7,000 region.
Bitcoin could easily see further short-term downside as bulls struggle to defend the support that has been established around $6,600, but there is one rapidly unfolding fundamental development that could spell trouble for bears.
Stablecoin balances on exchanges are currently seeing unprecedented growth, which has led one researcher to note that these funds could act as a war chest for the crypto’s bulls.
Bitcoin Investors Flee Exchanges as Likelihood of Imminent Volatility Grows
The sideways trading Bitcoin has seen throughout the past several days is unlikely to extend for too much longer, as upcoming events like the mining rewards halving are sure to provide some volatility to the market.
It appears that investors are currently in the process of preparing for this volatility by turning to a long-term holding strategy, which is emblematic of the outflows of BTC away from exchanges and towards external wallets.
As reported by NewsBTC yesterday, this data was revealed in a recent post from on-chain analytics firm Glassnode, who concluded that the shift of BTC away from exchanges is emblematic of traders adopting a new long-term holding strategy.
“Investors are withdrawing Bitcoin from exchanges – potentially indicating a shift to longer-term holding strategies. BTC balances have fallen nearly 10% from the highs seen in January,” they explained.
This trend has also come in tandem with stagnating Bitcoin open interest on Bitmex as well has waning CME futures trading volume.
Stablecoin Balance Growth Suggests Bulls Have Underlying Strength
One factor that could suggest that this potentially imminent volatility will favor bulls is the growing balance of stablecoins (USDT and USDC) on exchanges.
Ankit Chiplunkar – a researcher at data platform TokenAnalyst – spoke about this trend in a recent tweet, noting that this can be used as a measurement of how much capital buyers have to inject into the markets – something that could happen at any given time.
“Update the USDT + USDC stablecoin balances in exchanges has crossed $1.3B, up by $300M in 2 weeks. It is a measure of how much money is sitting on the sidelines or placed in limit orders at exchanges, waiting for the perfect moment to buy,” he said while pointing to the below graph.
Image Courtesy of TokenAnalyst
This doesn’t necessarily mean that investors will deploy this capital at Bitcoin’s current price levels, but it could ultimately be used to either perpetuate an uptrend or absorb the selling pressure of a future downtrend.
Featured image from Unsplash. origin »
Bitcoin (BTC) stands firm at $93,257, a crucial support level that could determine its next major move. As the battle between bulls and bears intensifies, the stakes are high: a successful defense could spark renewed momentum, while a break below might trigger significant losses.
The range formation of April and May gained notability once again.
The bulls might falter and cede the $60k level to the bears in the coming days.
Bitcoin [BTC] noted losses of 7.84% on the The post Bitcoin: Why a correction below $60k could be good news for BTC bulls appeared first on AMBCrypto.
BTC price moves become increasingly erratic in the hours leading up to a slew of U.S. macroeconomic data prints after Bitcoin bulls fail to flip $63,000.
Bitcoin (BTC) has been trading in a tight range for quite some time now, with bulls and bears engaged in a tug-of-war over key support and resistance levels. The recent move above $29,500 has provided some hope for the bulls, but so far, they have been unable to gather enough momentum to push prices higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The market structure shifted firmly in bulThe post Bitcoin: Why $34k is the next target for bulls appeared first on AMBCrypto.
Bitcoin bulls have their hands full in the next days to carry out a strong advance to lift BTC out of the pit. Throughout today’s trading session, the market’s performance has been bullish.
Bitcoin has found it difficult to break higher over the past two days, with bulls hemmed within the $42-$44k. The pioneer cryptocurrency, which last week came close to retesting support levels seen in late January, raced to highs near $45,000 earlier this week as it briefly decoupled from stocks.
Bitcoin remains range bound in lower timeframes trading at $54,277. The first cryptocurrency by market cap records almost no gains in the daily chart, but a massive 23. 9% in the 7-day chart. The general sentiment in the market has flipped bullish, as investors seem to be waiting for further appreciation in Q4, 2021, a period that usually works for the bulls.
BTC bulls are trying to weather downside pressure that has seen Bitcoin trade as…
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The bulls are back baby! Sort of anyway…
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