Bitcoin On-Chain Data Flashes “Dumping Risks” as Price Holds $22K

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Certain on-chain metrics on the Bitcoin chart are flashing “dumping risks,” according to data fetched by Kim-Young Ju of CryptoQuant. The chief executive warned about an indicator known as “All Exchange Inflow Mean (144-block MA)” recently venturing into an area that typically precedes a bearish price move. In retrospect, the metric reflects the average of bitcoin deposits across the global cryptocurrency trading platforms. “When this indicator hits 2 BTC, it is likely to be sideways or bearish,” tweeted Mr. Ju on Tuesday. “It always has been sideways since November.” Bitcoin inflow into exchanges on 144-block MA. Source: CryptoQuant Ready to Buy Again The analyst also raised speculation that traders will sell-off their profitable Bitcoin holdings to repurchase them later at lower prices. He envisioned the said possibility using two indicators: the total amount of Bitcoin and stablecoin reserves on all exchanges. As of Tuesday, the BTC exchange reserves were falling,…

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