Breaking: On-Chain Data Shows Warning Signs For Bitcoin (BTC)
On-chain data indicates another warning sign for Bitcoin. The BTC price could dive further to $15K as mid-term Bitcoin holders, who purchased in the last 3-6 months, are sending their BTC holdings to crypto exchanges. The bear hug tightened as Bitcoin fell to $15,682 on Thursday.
The broader crypto market continues to be under pressure amid the FTX-Alameda crisis. FTX contagion has started to spread with crypto lender BlockFi pausing withdrawals and FTX US facing trading and withdrawals issues.
Bitcoin Holders Sending BTC Holdings to Crypto Exchanges
FTX liquidity crisis is forcing mid-term Bitcoin holders to send their BTCs to crypto exchanges. In fact, crypto exchange inflow jumped over 5000 BTC in the last 24 hours, as per Bitcoin Exchange Inflow data.
The BTC spent output age bands indicate two large spikes with over 1200 BTCs on Thursday and over 3600 BTCs on Friday. The total value is 5,133.49 BTCs. Bitcoin holders that bought BTC in the last 3-6 months sending their BTCs to exchanges is a bearish signal. Thus, the correction will likely continue in the next few days.
Bitcoin price currently trades at $17,394, up almost 4% in the last 24 hours. The rally came after the U.S. reported October CPI data at 7.7%, with inflation falling to a 9-month low.
However, the BTC price may again dive to $15K as investors and whales start to move holdings to exchanges. Investors need to keep an eye on the U.S. Dollar Index (DXY) as any upside move can cause crypto prices to start falling. Currently, the DXY is at 107.61, declining below 110 after the CPI data.
BTC Price Struggles Under $20,000
Bitcoin price has again dived under the psychological level of $20,000. Bitcoin price is currently rising under low volumes, which risks falling anytime.
Sam Bankman-Fried, FTX, and Alameda are currently under investigation by the U.S. SEC, DOJ, and now CFTC. Bahamas Securities Commission has decided to freeze FTX Digital Markets assets.
Read more: FTX Token Price Jumps 40%
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
- PM Modi Holds Emergency Meet as Iran Seeks India’s ‘Independent Role’ in Ending US-Iran War
- US-Iran Tensions Spike as Trump Sets 48-Hour Deadline on Strait of Hormuz Blockade
- Breaking: U.S. Prepares for Potential Peace Talks in Iran War as Trump Mulls ‘Winding Down’ Military Efforts
- Crypto Market Recovers as Expert Warns U.S. Easing of Iran Sanctions Won’t Stabilize Oil Prices
- CLARITY Act May Still Delay Despite Stablecoin Yield Deal, Galaxy’s Alex Thorn Warns
- XRP Price Prediction Ahead of March 27 SEC Spot ETF Decision
- Will Solana Price Recover This Week Amid New SEC/CFTC Crypto Rules?
- Ethereum, XRP, and Solana Price Prediction As CLARITY Act Advances After Senate–White House Deal
- Why is Pi Network Price Up Today (March 21) Despite Market Wide Correction?
- Bittensor (TAO) Price Surges 20% After Nvidia CEO Comments
- Dogecoin, Shiba Inu, and Pepe Coin Price Prediction If BTC Holds $70k Level
