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Despite Drop To $47k, Coinbase Observes 31k Bitcoin Outflow. Bull Rally Still On?

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On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish.

Outflows Of 31k BTC On Crypto Exchange Coinbase

As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today.

As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets.

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A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC deals.

Therefore, outflows are generally good signs for the cryptocurrency’s price as they may imply that there is a buying pressure in the market.

Now, here is the chart for Coinbase Pro Bitcoin outflows over the past few months:

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Bitcoin Outflows
Coinbase Pro outflows show a huge spike | Source: CryptoQuant

As the above graph displays, the indicator has shot up for Coinbase Pro. The outflow value was about 31,107 BTC, which is worth over $1.5 billion at the current price exchange.

The exchange is mainly used by US institutional investors so that such a large spike could be bullish for the cryptocurrency.

Big outflows are generally associated with an increase in the price shortly after. A look at the Coinbase Pro outflow history supports the trend; from March 2020 onwards, similar values of the indicator became frequent as the bull run marched on.

Bitcoin Price

At the time of writing, BTC’s price floats around $48.5k, down 0.16% in the last 24 hours. Though, over the last week the cryptocurrency is still green as its value is about 6.8% up.

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In the past 30 days, Bitcoin has accumulated 26.4% in gains. The below chart showcases the trends in the price of the coin over the last three months:

Bitcoin Price Chart
BTC's price sharply falls down after touching the $50k price level | Source: BTCUSD on TradingView

After weeks of climbing upwards, BTC was finally able to break $50k a couple of days ago for the first time since May. However, the coin couldn’t sustain at the level and was rejected downwards.

The downtrend has been sharp, and earlier today the price fell down to as low as $47k. However, since then it has recovered somewhat to above the $48k level.

It’s unclear which direction Bitcoin will go in next, but if the Coinbase Pro outflows are anything to go by, signs seem to be still bullish for the market. Though, at the moment BTC’s on-chain activity is still very low. If the coin tests $50k again without the network activity going up, a bearish signal could flare up instead.

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Bitcoin Whales Buying Activity on Rise with 254 New Whales Entering Market

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More traders and institutions are buying Bitcoin prior to the potential launch of physically-backed ETFs

According to data provided by Santiment, the number of Bitcoin whales (addresses owning between 100 to 1,000 BTC) has significantly increased prior to the asset’s rise back to the previous ATH. More than 250 whales appeared on the network since Sept. 11.

The increased number of Bitcoin whales is also followed by progressively increasing exchange outflows. While traders and investors move funds away from exchanges, they have no other choice but to hold them in their wallets; hence the network is experiencing an increasing number of new wealth holders.

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Santiment data
Source: Santiment

On the other hand, the increasing number of holders can be tied to the rapid and significant increase of Bitcoin’s market capitalization. The current price action is followed by 40% growth, which itself attracts both institutional and retail investors.

In addition to the increasing popularity of cryptocurrency among the general public, the news of the upcoming ETF approval is a strong risk-on signal for institutional investors. Previously, U.Today reported that the market may see a strong inflow of funds right after physically-backed ETFs are approved.

According to Santiment’s data, the majority of whales have held through the previous market correction and only a minority of large holders have to get rid of their coins. The current increase in the number of whales is considered rapid compared to other periods.

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BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs

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The long-awaited Bitcoin BTC ETF-Exchange Traded Fund is now approved by the US SEC, and it’s viewed as a positive development for the entire cryptocurrency market. Analysts suggest that the crypto market could see capital flowing in, with speculations around investors moving out of Gold ETFs into Bitcoin.

Let’s analyze the BTCUSDT charts for insights into the recent price action.

Bitcoin (BTC) Weekly Chart Analysis

The Bitcoin price is back on the headlines of many digital media outlets as many analysts speculate on a price surge beyond the 2021 ATH. However, while the price is pumping real hard at press time, we also want to bring your attention to bearish reversal chart patterns that could lead to temporary retraction of the recent upswing.

A prominent bearish correction signal is an impending regular bearish divergence signal on the weekly chart above, where the RSI forms a lower peak [82] compared to the price chart setting a higher peak.

We anticipate a cool off of the BTC price if the RSI value stays below level-87 in the coming week.

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Bitcoin (BTC) Daily Chart Analysis

A view from the daily time frame shows the start of a bullish campaign on 01 October ’21 after the RSI crossed above level-75 and has not dropped below level-25 ever since. 

The Bitcoin BTC price continues to set new highs and is recently shy of the all-time high at $64854.00, as the relative strength index forms a lower peak [79] signaling a likely price pull-back to come.

We expect the upward price momentum to persist till the end of the current week, given that the RSI continues to trade above level-25.

While we are optimistic of a spike in demand for the BTC, we also suggest putting some funds on the sideline for a possible price dip which can be viewed with the RSI slumping below level-25 on the daily time frame.

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Bitcoin (BTC) 4 Hr Chart Analysis

The 12 October 20:00 support [$53879] confirmed the price correction on the daily time frame setting the BTC price back into a series of higher peaks and troughs.

A recent hidden bullish divergence at press time marks an end to the 3.8% correction from this week’s high.

However, a price breakdown below the hidden bullish divergence trend line would spark a rapid sell-off of the BTC price into lower price zones, perhaps around the $58k mark.

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Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD consolidates above $60,000.
  • Next significant resistance at $65,000.

Bitcoin price analysis is bullish today as consolidation was formed above $60,000 after a slight retracement yesterday from $62,000. Therefore, we expect BTC/USD to rally again over the next 24 hours and target the $65,000 next week.

Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum was down 1.54 percent. Meanwhile, Fantom (FTM) is the best performer, with a gain of over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $60,000 as support

BTC/USD traded in a range of $60,206.12 – $61,413.82, indicating low volatility over the last 24 hours. Trading volume has declined by 34 percent and totals $28.97 billion,  while the total market cap trades around $1.145 billion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC prepares for another rally?

On the 4-hour chart, we can see Bitcoin price action forming consolidation above $60,000, likely leading to another push higher next week.

Bitcoin Price Analysis: BTC still holds above $60,000, targets $65,000 next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bullish momentum so far in October. After forming a strong swing low of around $41,000 at the end of September, a push higher was seen on the 1st of October.

BTC/USD reached previous resistance at $48,500 on 2nd of October, while second push higher took BTC to $56,000 on 7th of October. After another several-day consolidation, the third push higher began Wednesday, leading BTC above the $60,000 major price target.

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Eventually, the Bitcoin price action briefly spiked above $62,000 on Friday, resulting in a slow retracement since. Over the last 24 hours, a consolidation above $60,000 has been established, indicating that we will likely see another move higher from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new local higher low was set over the last 24 hours after a slight retracement yesterday. As long as the $60,000 support holds, we expect BTC/USD to continue moving higher next week.

While waiting for Bitcoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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