Bitcoin’s price has been fluctuating between $57,815 and $61,815 for nearly seven days, with the 50-day simple moving average (SMA) at $61,662 providing persistent resistance.
Bitcoin’s price has been fluctuating between $57,815 and $61,815 for nearly seven days, with the 50-day simple moving average (SMA) at $61,662 providing persistent resistance.
At the time of this writing, Bitcoin (BTC) ‘s price is $58,106.44, down 0.2% from an hour ago and 0.6% from yesterday. The value of BTC today is 5.2% lower than it was seven days ago.
Also, in the last 24 hours, 57,708 traders were liquidated, totaling $221.55 million. The highest single liquidation order occurred on Binance – BTCUSDT for $10.83 million.
According to Glassnode data, bitcoin’s recent price volatility can be ascribed in part to “weakness in spot demand.” Glassnode calculated the current net balance of buying and selling in the Bitcoin spot market by analyzing the cumulative volume delta (CVD) to see whether there is any directional bias.
Source: Glassnode
On-chain data from Glassnode shows “Since the Bitcoin price ATH was established in March, the market faced an extensive period of supply distribution, with participation by wallets of all sizes. Over the last few weeks, this trend is showing early signs of reversing, particularly for the largest wallet sizes which are often associated with ETFs. These large wallets appear to be returning to a regime of accumulation.”
According to Glassnode, demand in the spot market will resume once the corrected CVD measure crosses the zero line and enters the positive territory.
See also Texas Blockchain Council backs Ted Cruz for Senate reelection
If this happens, BTC could break out of consolidation, clear the $70,000 to $72,000 supplier congestion zone, and enter price discovery.
Bitcoin enters the weekend with a negative sentiment
A key Bitcoin indicator is creating new concerns among crypto traders, with a “bearish cross” indicating that the asset may be destined for further drop – while history says this could be a good sign.
In an Aug. 15 X post, pseudonymous crypto trader Mags wrote, “Bitcoin just printed a bearish cross on the daily chart.”
Like
Dislike
Love
Angry
Sad
Funny
Wow
French court seizes 3 Nigerian presidential jets over dispute with chinese firm
August 15, 2024
Biden says "I gave my best to you" and passes torch to Harris in DNC speech last night
August 20, 2024
Comments 0