As an experienced financial analyst, I’ve seen my fair share of market volatility in the cryptocurrency space. The recent data from CryptoQuant about the surge in Bitcoin spending activity and the subsequent exchange inflows is a cause for concern. This trend could lead to further selling pressure on the BTC price, potentially resulting in a major downturn.
As a researcher observing the cryptocurrency market, I’ve noticed an escalating level of whale activity. However, the price of Bitcoin (BTC) continues to face consistent selling pressure, hovering around $66,000. Recent data from CryptoQuant reveals a significant increase in Bitcoin exchange inflows, coinciding with heightened spending activity within the market.
The Surge in Bitcoin Spending Can Impact the BTC Price
Based on the information I’ve observed from CryptoQuant, as a crypto investor, I’ve noticed that there has been a significant rise in Bitcoin spending from wallets with a holding period between 1 month to 3 months (1M-3M), 3 months to 6 months (3M-6M), and 6 months to 1 year (6M-12M). Over the recent weekend, approximately 40% of the Bitcoin transactions to exchanges originated from wallets in the 3M-6M age range, with an additional 20% coming from those in the 6M-12M category. The rest of the transfers were a combination of smaller amounts from various other age groups.
As an analyst, I’ve observed a notable trend of Bitcoin transfers to cryptocurrency exchanges. This observation raises concerns about potential selling pressure on the market. The ensuing selling activity might initially cause a brief price surge for Bitcoin, but it could ultimately pave the way for a significant market correction or even a catastrophic downturn, potentially leading to a free fall in prices.
$63,000 Coming for Bitcoin?
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin (BTC) has been trading within a narrow range between $57,000 and $73,000 for an extended period. According to my analysis, there is a strong possibility of further price declines in the initial part of this week. However, it’s essential to note that I anticipate the BTC price will maintain its footing within the support levels of around $63,000 and $64,500 during this market downturn.
As a researcher studying the Bitcoin market, I anticipate a downturn for Bitcoin in the opening weeks, with prices likely dipping below the current range between $57,000 and $73,000.
My personal area of support is between $63-64.5K. That area should hold to me.
— Michaël van de Poppe (@CryptoMichNL) June 17, 2024
As a crypto investor, I’ve noticed that bullish divergence has become more pronounced recently, with Bitcoin’s price attempting to hold above the $66,300 mark. It’s essential for us bulls to take charge now and push the price back up into this range. The sideways movement of Bitcoin’s price has caused some frustration among investors, but if BTC can deliver some unexpected gains soon, it could be a game-changer.
Expert’s take: Crypto analyst Ali Martinez pointed out a potential large-scale liquidation on Binance if Bitcoin’s price surpasses $67,450. According to Martinez’s calculations, around $19.5 million in positions could be at risk during such an event. This discovery serves as a reminder of the inherent volatility and importance of risk management when dealing with cryptocurrencies at elevated price points.
Roughly $19.50 million will be liquidated in @binance alone if #Bitcoin surges to $67,450!
— Ali (@ali_charts) June 17, 2024
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- EUR BRL PREDICTION
- SNS PREDICTION. SNS cryptocurrency
- ARRR PREDICTION. ARRR cryptocurrency
2024-06-17 14:27