Bitcoin (BTC) outlook as exchange supply hits 5-year low

Bitcoin (BTC) outlook as exchange supply hits 5-year low
фото показано с : invezz.com

2023-6-14 11:22

The latest crypto regulation wave has seen the digital tokens market printing unpredictable moves. Bitcoin remains in consolidation mode, hovering around the $26K value area within the last few days.

SEC’s latest suits on Coinbase and Binance have accelerated exchange outflows for the leading cryptocurrency by market cap. On June 14, Santiment twitted that Bitcoin outflows have hit the lowest mark since February 2018.

📉 #Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp

— Santiment (@santimentfeed) June 14, 2023

Santiment added that such developments come as traders move their Bitcoin assets to self-custody amidst current regulatory uncertainty. Moreover, BTC outflows will likely continue as long as the Securities and Exchange Commission’s suits loom.

Moreover, market players seem to shift their concentration from Bitcoin to alternative coins. Santiment tweeted that BTC social volume is plunging after March surges as Ethereum, Binance Coin, and XRP receive more discussions. Crowd confidence appears crucial for altcoins recovery.

What next for the Bitcoin price

Cryptocurrency prices showed slight movements today, with unclear upcoming direction. Meanwhile, Bitcoin exhibits a pessimistic sentiment, and the upside seems challenging. The leading crypto changed hands at $25,873 at press time.

Analysts reveal Bitcoin exhibits high volatility and remains primed for declines to test the $24K value area. Moreover, the financial space may remain under pressure as traders await the Fed base rate decision later today.

▪️BTC – $25916 -0.69%. Bitcoin is trading with high volatility. On Twitter they write that they can test $24k. Today at 21:00 we are waiting for the Fed's decision on the base rate. Let's look at the price.▪️Growth leaders among altcoins are BNB, INJ, FTM. pic.twitter.com/sT1rPSqYpM

— DIGITAL DOMINION (@1Usano1) June 14, 2023

That confirms the chance of Bitcoin plunging. Renowned crypto analyst Michael van de Poppe also expects FOMC proceeds to sink BTC to the $24.5K – $25K range. 

Miner-to-exchange flows highlight price slumps

Miner–to–exchange flows help understand market sentiment when assessing miners’ actions – accumulating or liquidating. Glassnode data shows an uptick in this metric. Miners sending assets to exchanges has historically catalyzed increased sell orders, often triggering price dips.

Source – Glassnode

The post Bitcoin (BTC) outlook as exchange supply hits 5-year low appeared first on Invezz.

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bitcoin mode hovering consolidation remains unpredictable moves

Источник: invezz.com

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