Claim BonusBreaking: 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%
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
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
