Bitcoin (BTC) Balance on Exchanges Falls Below Yearly Lows: Glassnode Analysts

News
Sat, 06/20/2020 - 15:18
Vladislav Sopov
Bitcoin (BTC) flows out of exchanges, as revealed by a top-level analytical team Glassnode. It perfectly reflects the overall uncertainty of the crypto markets.
Cover image via stock.adobe.com
Contents

Analysts highlighted the previous anti-record that was set only five days ago on June 15, 2020. The new record low is around 0.41%.

Worrying Trend

Glassnode Alerts, an automated on-chain alert mechanism by Glassnode's analytical studio, detected a sustainable tendency of Bitcoin (BTC) flowing out from storage exchanges. According to the service, new yearly lows have been revisited twice this week.

Image via Twitter

Typically, the community lacks the consensus about whether this process should be interpreted as bearish or bullish. It definitely indicates the aggression of hodlers, who are moving Bitcoin (BTC) to cold storages and third-party wallets. Some of them may even be transferring their crypto riches to 'doomsday' saving locations.

Thus, mainly 'ideological', strong-willed accumulators have contributed to this prominent trend, but not daily nor even weekly traders who closely track the price swings.

At press time, Bitcoin (BTC) was changing hands at $9,285 on major spot exchanges, down only 1% in the last 24 hours. Bitcoin (BTC) failed to leave mid-term bearish channel, which was created by two zero-sum attempts to conquer the bearish stronghold over $10,000.

The Realm of Uncertainty 

It appears that the vast majority of Bitcoin (BTC) traders are confused right now and lack the confident understanding of the direction of the king coin's next price moves.

As recently covered by U.Today Crypto News, numerous top-level crypto traders and analysts are sure that the price of Bitcoin (BTC) may drop significantly before the next bullish run. For instance, Dutch trading expert Michael van de Poppe foresees BTC possibly visiting $9,050 before another  beautiful upsurge.

Anonymous trader Parabolic Thies predicts that Bitcoin (BTC) may drop towards $8,900 or even to the $8,300 level. By the way, it will be the basic point for a spike above $10,000.

In turn, this spike will meet the resistance by the bears at $10,300. So, it may not be the last attempt to take root above $10,000 for the flagship cryptocurrency.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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