Two considerations when Bitcoin withdraws towards $ 23,000
Two considerations when Bitcoin withdraws towards $ 23,000
With the withdrawal of Bitcoin towards $ 23,000, the blockchain analysis company Cryptoquant has found two data points that should be kept in mind when monitoring future short-term price development of the financial value.
Analysts of the company found that some large players seem to fill the market with sales pressure-including Bitcoin miner.
dump alarm?
according to cryptoquant-analyst Abramchart increases on the Bitcoin spot exchanges.
The Bitcoin Exchange Whale Ratio-a key figure that compensates for the 10 most important Bitcoin transactions that flow in stock exchanges with the total number of the stock market inflows-rose on March 1 to 0.78, compared to about 0.5 last month.
Bitcoin Exchange Whale Ratio. Cryptoquant
"The BTC Whale Rato metric is high for spot exchanges for the next day and this increase can often be attributed to large inflows," explained the analyst. "This behavior can lead to sales pressure."
The analyst added that the number of Bitcoin that flowed into the spot exchanges on Monday was about 12,310 BTC-a value of over $ 286 million at current prices. On Wednesday, the inflows for around 10,588 btc.
interpreted the analyst. "Bärisch".
In general, the flow of crypto into the stock exchanges is seen as a sign that investors try to liquidate their crypto, which creates a price pressure down. In contrast, stock exchange withdrawals are often interpreted as Bullish, which indicates that investors intend to re-fork their coins for short to medium term.
miner sell
This did many of the largest Bitcoin miners during the 2021 bull market to benefit from the increasing price of Bitcoin instead of liquidating their stocks. However, industrial giants may scientific core and argo blockchain were forced last June. to be rejected because the prices went back, which contributed to sales pressure on the entire market.
Bitcoin miner for the exchange flow. Cryptoquant
as an analyst Jaybot As explained on Tuesday to prepare.
"So it can be seen that the short-term sales pressure has increased," he said, making it clear that he still has no effect on the "long-term price campaign".
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