2021-2-17 23:00 |
Bitcoin has been seeing massive Bitcoin outflows each week, which is a positive sign that points to underlying strength This has yet to be reflected in its price, as the crypto has been facing massive selling pressure that has made it increasingly unclear as to where it may trend next In total, 15,000 BTC are being moved off of Coinbase each week, which seems to indicate that massive upside could be imminent in the days and weeks ahead One analyst is now insinuating that this could be a sign of institutional bidding taking place, which would mean that upside is imminent This comes as MicroStrategy also announced their plans to buy a total of $600m worth of Bitcoin – assuming they complete a convertible note raise
Bitcoin has been seeing mixed price action throughout the past few days, with sellers taking full control of its price action as buyers struggle to gain any significant ground over bears.
The crypto is showing some signs of bottoming within the lower-$48,000 region, but the buying pressure here may not be enough to spark any massive move higher in the short-term.
Despite this perceived weakness, on-chain data suggests BTC is just as strong as ever, with 15,000 BTC leaving Coinbase weekly.
Bitcoin Price Struggles Following $50k RejectionEarlier today, Bitcoin’s price rocketed to highs of $51,000 before facing a strong rejection that has since led to a sharp retrace.
The crypto is currently trading up marginally from its daily open at its current price of $48,300.
The entire market is tanking due to this turbulence, with altcoins all selling off aggressively as buyers seemingly go risk-off.
Until BTC can stabilize and find some support, there’s a strong possibility that further downside is imminent for the entire market.
BTC is Flowing Out of Coinbase at a Rapid PaceOne interesting trend that seems to point to underlying strength is the massive outflows from Bitcoin that are taking place every week.
As one observer noted, 15,000 BTC are being “sucked out of” Coinbase each week, which could be a sign of institutional accumulation.
“15,000 Bitcoin being sucked out of Coinbase per week. Yes, that’s more than $1/2B a week. Yes, more institutions are buying. Expect the headlines to follow.”
Image Courtesy of Charles Edwards. Source: BTCUSD on TradingView.How Bitcoin responds to the present inflows of selling pressure should provide insights into where it may trend in the near-term. Regardless of any short-term selloff, the cryptocurrency does appear to be fundamentally healthy.
Featured image from Unsplash. Charts from TradingView.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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