Category: Cryptocurrency News

On-chain data shows Bitcoin exchange reserves have sharply dropped recently, suggesting a possible return to bullish trend. Bitcoin Exchange Reserves Historical Data May Tell Current Trend Is Bullish As explained by an analyst in a CryptoQuant post, the Bitcoin exchange reserves seem to have sharply fallen in the past couple of weeks. The “all exchanges reserve” is a BTC indicator that shows the total amount of coins currently stored in exchange wallets. When the value of this indicator moves up, it means investors are depositing their Bitcoin to exchanges. Holders usually transfer coins to exchanges either for withdrawing to fiat or for purchasing altcoins with them. As such, this trend can be bearish for the price of the crypto. On the other hand, when the reserve moves down, it implies holders are withdrawing their coins at the moment. Such a trend, if sustained, can prove to be bullish for BTC as it may mean that investors are currently in a state of accumulation. Related Reading | Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min Now, here is a chart that shows the trend in the value of the Bitcoin exchange reserve over the past six months: BTC exchange reserves seem to be moving down since a while now | Source: CryptoQuant The Bitcoin exchange reserve has been trending down since May, which would suggest that the market is currently accumulating the crypto. As you can see in the above graph, the analyst has highlighted the two types of trend the different parts of the indicator’s curve have seemed to follow during this period. Related Reading | Is MicroStrategy Considering Lending Their Bitcoin To Generate Yield? WHY? It looks like a gradual decline of the reserve has usually marked peak formation in the price of the coin. While a sharp drop seems to correlate with upwards trend. Clearly, the current trend looks to be one of a sharp drop, and so the quant believes that the coming weeks might be bullish for Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $46k, down 4% in the last seven days. Over the past month, the coin has lost 21% in value. The below chart shows the trend in the price of BTC over the last five days. BTC’s price has been moving on a downward trajectory in the past few days | Source: BTCUSD on TradingView Bitcoin has been in consolidation for a while now as the price of the coin stagnates in the $45k to $50k range. Currently, it’s unclear when the coin might break out of this sideways movement, but if the exchange reserves are anything to go by, the long-term outlook might be bullish for BTC. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

“We’re also excited that when working with central banks, we can do it in a way that is through regulation and compliance,” says Bitt CEO Brian Popelka.

The Cryptocurrency and Regulation of Official Digital Currency Bill doesn’t appear among the bills that India’s lower house will consider as it concludes the winter session.

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There is not a single person in the entire history of Bitcoin who bought BTC and hodled for at least 3 years and was in a loss. At any point of time, Bitcoins price would always be higher than 3 years ago and would never fall beneath that value again. So if you bought recently…
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The price of bitcoin is down more than 33% from the crypto asset’s all-time high captured about a month ago on November 10. A while back, people expected the price of bitcoin to be extremely bullish during the months of November and December, and many expected a $100K bitcoin price by the year’s end. However, […]

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Bitcoin has been dancing on critical support over the weekend after it was rejected north of $48,000. The first crypto by market cap has experienced a persistent downwards trend and trades at $45,937 with 1.5% losses in the past day. Related Reading | TA: Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up It seems any attempt from the bulls to take back control it’s faded due to aggressive selling pressure. Bitcoin could be negatively reacting to a more hawkish U.S. Federal Reserve, and fresh uncertainty in the legacy market as COVID-19’s Omicron variant spreads. The financial institution led by Jerome Powell has been hinting at an early start of tapering. According to pseudonym analyst Lightcrypto, this caused large investors to de-risk and dump their positions when BTC made a run for $60,000. In consequence, these institutional operators changed their strategy to protect their end-of-the-year (EOY) profits and were cautions to re-enter the market in these current conditions. Light, similar to other analysts, believes Bitcoin has been seeing “programmatic selling behavior”. OTC flows all this week have all been people tapering their positions. Today marks the final day of the year for many funds and corps. I dont have a feel if that means for the market.historically we've the gambit of price action during the holidays w/ Q1 setting a new trend. — IamNomad (@IamNomad) December 17, 2021 As NewsBTC reported, the downwards trend has impacted the derivatives sector causing a 25% decrease in Open Interest (OI). In combination with reduced participation from retail investors, attracted to other cryptocurrencies rather than Bitcoin, it has strengthened the current price action. The analyst said: Whereas bulls have been cautious, bears have taken to aggression, pushing perpetuals basis negative on some venues and building OI, while the large players who derisked in the $60k area have reversed course and begun to absorb panic- and short-selling. How China Will Lose Its Ability To Influence The Price Of Bitcoin On the bright side, the programmatic selling behavior described by Light could end in the short-term leading the door open for the subsequent rally. Via Twitter, analysts from Material Indicators shared data that suggested a historic end for this behavior from December 20th to 25th. Binance shows signs of scheduled selling. Most months this year (legend), we saw accelerated selling into mid-month. It stops around the 20th – 25th of every month, also generally marking the bottoms on PA. Not following this pattern, marked tops for the given month.#BTC pic.twitter.com/lH4YMM0Ps3 — Material Scientist (@Mtrl_Scientist) December 19, 2021 Usually, this relief in selling pressure leads the market to a Santa Rally, an increase in Bitcoin and other cryptocurrencies prices post-Christmas eve. This time the phenomenon could take the market by surprise, Light claimed the following about the possibility for big players to try to get ahead in the next bullish trend: Funds are likely done (or close to it) with structural sell flows, are cashed-up, and will now consider frontrunning the other way, namely, incoming buy flows in January. The decrease in OI and leverage positions, the fact Bitcoin has seen a 35% dropped from its all-time high into a historically bullish season, and the fact big players now have the cash to take new positions, support Light’s bullish thesis. The analyst believes the bears will be “stoneless soon enough”. Related Reading | Is MicroStrategy Considering Lending Their Bitcoin To Generate Yield? WHY? In addition, Light pointed out that two major crypto exchanges, Huobi and OKEx, will remove the “majority of mainland users”. This could have bullish implications for Bitcoin as the Asia trading sessions have resulted in negative price action in 2021.