Bitcoin (BTC) price dipped below $50,000 just days after recording a new 3-month high of $50,482. $50K was seen as key resistance for the top cryptocurrency, and it has failed to solidify its position above that. The overall market sentiment had turned green in August as Bitcoin along with other altcoins saw a new bullish resurgence.
Bitcoin also registered the largest single-day exchange inflow of 259K BTC, since the infamous Black Thursday in March last year when BTC’s price fell below $4,000. A large exchange inflow is often considered bearish since traders move their stacks onto exchanges to sell. However, it is also important to note that along with the largest inflow the top cryptocurrency also registered the largest single-day exchange outflow of 260K BTC.
The largest single-day Bitcoin exchange inflow/outflow was seen 17 months ago when approximately 843.2k $BTC was moved on to exchanges, and 825.0k $BTC was moved off. Looking at the exchange flows, the market seems to be in a cool-off phase after climbing for nearly three weeks.
Huobi crypto exchange also saw a massive inflow of 15,000 BTC worth $740 million and the exchange said the BTC inflow was not the part of an internal transfer and confirmed it was an external entity. The large transfer was believed to be associated with whales as such large transfers are often believed to be private investors taking their profit.
After facing rejection from $50k levels, the top cryptocurrency has moved sideways for the past couple of days. The on-chain metrics point towards the strong bullish momentum as BTC weekly MACD crossed over in green. The last time this happened BTC price rose by 5.5X, rising from just under $12K to over $60K. The top cryptocurrency needs to stabilize its position above $50K
Bitcoin’s demand is at an ATH with CITI Group joining the long list of financial giants offering Bitcoin products. Citi Group would offer Bitcoin Futures products for investment to its clients. Blockstream, a Bitcoin infrastructure provider focused on mining raised $210 million in a Series B funding round joining the growing list of crypto Unicorns at a $3.2 billion valuations.
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