As a seasoned crypto investor with a few battle scars to show for it, I find myself cautiously optimistic about Bitcoin’s current position at around $55,000. The 0.9% increase over the past 24 hours is a welcome sight, but the declining on-chain activity on exchanges is a cause for concern.
Bitcoin is back to the psychological $55,000 zone amid declining on-chain activity on exchanges.
At this moment, Bitcoin (BTC) has increased by 0.9% over the past 24 hours and is being exchanged at approximately $55,000. Earlier today, the top cryptocurrency dipped to a low of around $53,650 on September 8th due to a wave of bearish sentiment sweeping through the crypto market.
Moreover, BTC’s daily trading volume increased by 33%, reaching $22 billion.
Based on Santiment’s data, Bitcoin experienced an inflow of approximately 68,470 coins on September 7th. Later that day, it plummeted below $54,000. Over the past two days, there has been a significant decrease (around 68%) in incoming Bitcoins, with the current level standing at about 21,742 coins.
In a similar fashion, we’ve seen a significant decrease in the amount of Bitcoins being withdrawn from exchanges. This drop has been as high as 65%, going from approximately 65,847 Bitcoins down to around 22,802 Bitcoins within the same period.
Currently, a net outflow of approximately 1,060 Bitcoins, valued at more than half a billion dollars ($583 million) at the moment of reporting, is being observed in Bitcoin exchanges.
Even though Bitcoin has risen above $55,000, its Relative Strength Index (RSI) remains at 35, as reported by Santiment. This suggests that Bitcoin is still being overbought, potentially because of a broader market selloff.
According to an article from crypto.news, there was a significant withdrawal of approximately $706 million from Bitcoin spot exchange-traded funds in the U.S. last week. This substantial outflow has intensified negative sentiment towards Bitcoin as investors grow increasingly worried (FUD).
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2024-09-09 11:22