Bitcoin has been on a near-unstoppable rally since March’s lows of $3,700. The cryptocurrency at last week’s highs was up more than 170% from the lows, tapping $10,100 after a spectacular jump higher.
This trend has been marked by crypto investors withdrawing their BTC off exchanges en-masse in a strong boost to Bitcoin’s medium-term bull case.
Bitcoin Is Being Withdrawn Off Exchanges En-Masse
Prominent Bitcoiner Jameson Lopp recently shared that per data from Coin Metrics, the amount of BTC held by both BitMEX and Bitfinex — the leading futures exchange and a top spot exchange, respectively — has “reached new lows following the March 12th crash.”
Coin Metrics’ chart below indicates that Bitfinex now holds 93,800 BTC — not a small sum, but almost exactly 100,000 coins fewer than it held on March 13th. Similarly, BitMEX’s supply is down to 216,000 BTC from a March peak of 315,000 coins — again a decrease of almost exactly 100,000 coins.
The coins withdrawn have a value that amounts to over $1.7 billion.
The amount of BTC held by BitMEX and Bitfinex has reached new lows following the March 12th crash. Bitfinex now holds 93.8K BTC, down from 193.9k on March 13th. BitMEX’s BTC supply is now down to 216.0K BTC, down from a peak of 315.7K on March 13th. H/T @coinmetrics pic.twitter.com/gesZ3QahcK
— Jameson Lopp (@lopp) May 12, 2020
While the data Lopp mentions excludes other top exchanges, blockchain analytics firm Glassnode noted last month that the aggregate exchange balance has also been decreasing.
This would mean that the sentiment that all of the Bitcoin withdrawn is being sent to other exchanges from the aforementioned incumbents is somewhat incorrect.
On its data, Glassnode remarked that it is a likely sign that Bitcoin investors are turning to a more long-term investment strategy, instead of rapidly trading coins in the hopes of making quick profits.
H0w This Trend Could Boost Bitcoin
Although Bitcoin seemingly moves without rhyme or reason, the cryptocurrency is just like any other market in one key way: most movements in the price of a free-market asset are based on supply and demand.
Basic supply and demand chart from Encyclopedia Britannica
This means that assuming consistent demand, the decrease in the supply of an asset in a market should result in an increase in the equilibrium price. And assuming consistent supply, an increase in demand should also increase prices.
Bitcoin being withdrawn from exchanges en-masse, which decreases the likelihood the owners of coins sell their holdings, decreases the market supply of Bitcoin. Assuming consistent demand, prices should rise.
Now add to this the fact that BTC’s block reward halving just took place. This strongly implies that the supply of coins being sold on the market should decrease even further, further increasing the potential equilibrium price.
Demand for BTC Is Increasing
Simultaneously, analysts say that demand for cryptocurrency is increasing and will continue to increase moving forward.
Alex Kruger, an economist closely tracking the crypto space, recently noted that with legendary macro investor Paul Tudor Jones announcing his support for Bitcoin, “incremental demand” for this space is “coming”:
“The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time,” the analyst elaborated.
Related Reading: Industry CEO Still Convinced Bitcoin Rockets to $50,000 In 2020: Here’s Why
Photo by Jonathan Leppan on Unsplash origin »
Since the $3,700 lows, Bitcoin has roared higher, crossing above resistance after resistance in succession. Just recently, BTC tapped $10,000. Although impressive, a top analyst expects for the cryptocurrency to head even higher, citing three “solid” tailwinds for this market.
It’s been an explosive past 24 hours for Bitcoin and the cryptocurrency market. After building bullish momentum for the past seven weeks, BTC finally broke past $10,000 today, posting a more than 170% gain since the $3,700 lows of March.
Bitcoin has been on an impressive run over the past few weeks, mounting past resistance after resistance despite a harrowing macroeconomic backdrop. Since the March lows of $3,700, BTC is up 150%, a stellar performance that puts almost any other $100 billion+ asset to shame.
Bitcoin has seen some immense bullishness throughout the past couple of days, with the benchmark cryptocurrency incurring a notable uptrend that allowed it to climb from lows of $7,700 to highs of $9,500.
Just six weeks after Bitcoin crashed to $3,700, the cryptocurrency has started to push $8,000 — more than 115 percent higher than the March lows. It’s a reversal that has shocked analysts, to say the least, as many expected BTC (and stocks for that matter) to fall once again as the COVID-19 outbreak has worsened.
Bitcoin has been on a remarkable run over the past few weeks, rallying over 100% from March’s lows around $3,700. It’s been an impressive move that has liquidated dozens of millions of dollars worth of shorts.
From the $3,700 lows established in the middle of March, Bitcoin has mounted an extremely steep comeback over the past five to six weeks. In fact, the leading cryptocurrency is currently trading over 100% off the lows, effectively recovering all of the crash’s damage.
Bitcoin’s performance over the past few weeks since the mid-March bottom has undoubtedly been impressive. The cryptocurrency, after all, is up nearly 100 percent from the $3,700 lows, a performance that only companies that got supported by the U.
When Bitcoin fell from $7,700 to $3,700 within 24 hours in March, investors were claiming that the cryptocurrency was toast. As with every other crash, discussions began to crop up about “miner capitulation” or a “miner death spiral,” which is the theory that suggests when BTC crashes, miners will stop mining, liquidate their cryptocurrency, then […]
The post Bitcoin hash rate has boomed 64% since March’s lows in trend positive for price appeared first on CryptoSlate.
Bitcoin investors haven’t done too well over the past two months. Despite the near 100% recovery from the $3,700 lows seen on March 12th, the cryptocurrency remains more than 30% below the 2020 highs near $10,500.
Even after the recent tepid price action Bitcoin remains 86 percent above its $3,700 lows set in March’s “Black Thursday” crash. Instead of deterring late arrivals, this strong rally has seemingly convinced many retail traders that Bitcoin’s rally is far from complete.
Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region. It now appears that bulls are in the...
While the majority of traders are getting in front of the potential Bitcoin (BTC) price pump, some indicators show that the bearish rally is clearly nowhere near its end
The crypto market has been caught within an intense bout of volatility over the past several days and weeks, which has been led by Bitcoin’s capitulatory decline from recent highs of $10,500 to lows of $7,700 that were set today.
Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.
Bitcoin (BTC) has seen intense volatility over the past few days, with bulls propelling the crypto to highs of $10,200 before bears fought back and forced it down to lows of $9,700. In the time since, it appears that the crypto may be entering a bout of sideways trading.
Bitcoin’s intense 2020 rally is showing no signs of slowing down, with yesterday’s dip from highs of $10,200 to lows of $9,700 being met with an abundance of buying pressure that has now led its...
Bitcoin’s firm 2020 uptrend has extended today, as the cryptocurrency has been able to post a notable climb from its recent lows of $8,200 that were set earlier this week when the cryptocurrency’s sellers made...
The ICX price has been creating new all-time lows since May of 2019. While it initially found support at 1,700 satoshis, the price broke down once again in December and has been decreasing rapidly since.
Bitcoin (BTC) has been caught in a firm uptrend over the past several days, which has primarily been the result of the massive upwards momentum that was sparked when it tapped lows of $6,400 earlier last week.
After months of brutal downtrend, it seems that bulls are returning to the Bitcoin (BTC) market. Since the leading cryptocurrency hit $6,400 earlier this month, bulls have taken control of the asset, pushing it from those multi-month lows to as high as $7,700 just this morning prior to a 4% drop.
Bitcoin has just plunged to a new six month low under $6,700 which opens up a new range of lows in the short term. The chances of a ‘santa rally’ are dwindling as crypto markets continue to crash back towards the deep chills of winter 2018 levels.
The recent Bitcoin (BTC) jump from $7,300 to $9,700 has renewed bullish expectations. Just three days ago, you had analysts calling for a return to the $3,000 lows — gold bug Peter Schiff even noted that $2,000 was in the cards; now, all eyes are on new all-time highs for Bitcoin.
An impending bear cross of the 128 and 111-day moving average could see Bitcoin price drop below the $7,777 and $7,700 support to new lows below $7,300
Bitcoin is starting to look shaky and could potentially return to last week’s lows of $7,700, predicts veteran crypto analyst @CryptoCred. Bitcoin Holds on Above $8K BTC bulls are desperately clinging to the $8,400 level right now, but the last few days saw volumes falter once again.
Following a continued downtrend and recent lows around $7,700 being defended by bulls, Bitcoin price is currently trading at $8,300 after a surge to $8,800 overnight last night was rejected with force by bears.
Since the start of the week, Bitcoin price has rallied from a retest of lows around $7,700 to $8,700 – gaining over $1,000 in value during the short timeframe. The rise in Bitcoin price was also yet another retest of the asset’s 200-day moving average, and what happens from here could determine the trend ahead.
This year has certainly been more fruitful for bitcoin price than 2018 was. That said, it has not shown any signs yet of returning to an all-time high. Looking at the lows may offer some indication of how big the next bull run could be.
During the last week of May, Bitcoin hit the new highs of 2019 twice when it surged above $9,000 touching $9,100 briefly. Since starting the new month June, after surging to $8,800 level Bitcoin took a drastic drop to $7,700 level on June 3rd and then another drop below $7,400, the next day. Bitcoin has […]
The short and medium-term outlook continues in the uptrend. Traders may consider buying at higher lows as the cryptocurrency journeys north. BCH/USD Medium-term Trend: Bullish Supply zones: $500, $600, $700 Demand zones: $100, $50, $30 BCHUSD outlook in the medium-term continues in a bullish trend.
Summary:The bitcoin market has seen sustained buying pressure as the daily candles have continuously closed new highs following the impulsive move that brought us to the $5,000 levels.
After days and days of consolidation, bitcoin finally managed to break a new high for the first time in almost two weeks. This new high, so far, has been short lived, however, as it was almost immediately sold into by eager bears:Figure 1: BTC-USD, 4-Hour Candles, New HighOur current 4-hour candle is seeing a relatively easy retracement after days and days of an upward grind.
The crypto's price is below the EMAs which indicates that the price is likely to fall. The crypto's price is currently falling and if price breaks below the $3,800 price level, the crypto's price will depreciate further to the lows of $3,600 and $3,700 .
Bitcoin (BTC) has held steady above $3,600 after yesterday’s upwards surge that sent it climbing from lows of $3,400 to highs of $3,700. Although often times these upwards price movements are typically followed by a cool-off period that results in Bitcoin surrendering a portion of its gains, BTC has held steady at its current price.
Bitcoin (BTC) and other crypto assets may be nearing their one-year lows, but copious amounts of optimism still exist in the minds of believers the world over. Case in point, while many analysts are unfaltering in their belief that lower lows are inbound, with even one short-term sardonic commentator calling for a $1,700 BTC, hope.
Following the crypto market’s recent downturn that sent many altcoins spiraling down 10% or more as Bitcoin fell to lows of approximately $3,550, the markets have regained some strength and bounced today, leading most altcoins to surge 5% or more.
This year has certainly been a tumultuous one for cryptocurrency. What started off with a bang ended with a whimper as the entire market shed 84% and $700 billion exited the scene. To round out 2018 we will look back at key events in what has been the year of the bear for crypto.
BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,900, $3,800, $3,700 Last week the price of Bitcoin was in a bullish trend. On December 17, the BTC price was making a series of higher highs and higher lows until the price reached the high of $4,250 price level. Then price retraced to […]
Bitcoin has rebounded from fresh yearly lows at $3,215 into combined resistance at the $3,701 handle. The market is…
The post Bitcoin Rebounds From Yearly Lows Into Resistance at the $3,700 Handle — Can the Bulls Continue to Climb Higher? appeared first on Invest In Blockchain.
Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.
After a bearish year of perennial price swings that culminated in months of tightly wound sideways movement, the (former) bottom has dropped out for bitcoin and the wider crypto market.
Bitcoin Plummets To Lowest Level In Over A Year Bitcoin’s price has fallen suddenly over the past few hours, reaching lows of $5,550 USD on major exchanges before rebounding. It’s the lowest price for bitcoin in over a year.
BCH/USD Medium-term Trend: Bearish Supply zones: $600, $700, $800 Demand zones: $300, $200, $100 BCH is in a bearish trend in its medium-term outlook. The bears pressure no doubt was evident in the lows been made by the cryptocurrency on 26th and 27th October. $441.00 and $436.3 in the demand area was the […]
Bitcoin Price Key Highlights Bitcoin price has formed lower highs and higher lows on its 1-hour chart to trade inside a symmetrical triangle. Price is currently testing the bottom of the triangle and might be due for a bounce back to the top around $6,700.
Over the weekend, information surfaced that could suggest that mining giant Bitmain may be facing an uphill battle as it looks to launch an IPO on the Hong Kong stock exchange.
A sideways market has many bitcoin investors wondering if the downward volatility has finally subsided. As stated in our previous discussion of the bitcoin market, the $6,425 support level was a very important level to hold.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
