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Bitcoin may seem to be stalling at the $46,000 support level and although Bitcoin’s price dropped 10% at the beginning of the week, there is not much to worry about.
Some of the prominent on-chain analysts temper the noise as they provide some insights to current developments.
As CEO of CryptoQuant noted, BTC supply on exchanges is as an extreme low, and historically this is correlated with high BTC prices.
$BTC supply on exchanges is about to break its previous low.
Hope to see another sell-side liquidity crisis on #Bitcoin.
Live Chart https://t.co/blydpKpykt pic.twitter.com/zCrq9o5YFT
— Ki Young Ju 주기영 (@ki_young_ju) September 10, 2021
This was confirmed by Will Clemente who stressed that the supply at exchanges is at a 3 year low. He also noted that ‘whale’ holdings have increased in the past week and it was his ‘colleague’ Willy Woo who confirmed that is largely this group who has been buying the latest “dip”.
Exchange balances are at a 3 year low.
Another 21,654 BTC (~$996M) pulled off exchanges in the last week.
Meanwhile, whales holdings have increased by roughly 44,000 BTC ($2B) in the last week.
Ignore the noise.
— Will Clemente (@WClementeIII) September 11, 2021
Contrary to common opinion, that latest price pull back was not from whale selling. They’ve been in a significant region of buying. pic.twitter.com/RFZe6LRG6t
— Willy Woo (@woonomic) September 11, 2021
Optimism comes with a disclaimer as trading platform DecenTrader in their latest market update ‘The Return of the Bull’, noted an important metric that needs to be considered. The 50 and 200 displaced moving average (DMA) were on the way to showing a “golden cross,” a traditionally bullish signal prior to this weeks drop. The report noted:
“For Bitcoin to remain bullish, these two moving averages will need to be maintained, with any price action lower being intraweek – a weekly close below the 50 DMA would not be attractive, particularly if the 20 Week moving average is also lost (yellow line currently around $42k).
The selloff came amidst a pending ‘Golden Cross’ where the 50 DMA crosses above the 200 DMA. This is often seen as being a very bullish sign for the market and typically for Bitcoin, we see dumps into ‘Golden Crosses’ and pumps into ‘Death Crosses’, So on this basis alone, the pullback wasn’t too much of a surprise.”
The post Bitcoin On Exchanges at Extreme Low, A Good Sign? appeared first on iGaming.
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Author: Peter Siu