Bitcoin’s bearish momentum continues, provided that the main cryptocurrency slipped under $19,000 amid shopping for stress shrinking.
Market analyst Ali Martinez pointed out:
“Bitcoin shows no signs of buying pressure from miners and whales! Addresses holding 1,000 BTC or more have remained pretty much flat since August, while miners’ reserves have found a floor of around 1.86 million BTC.”
With shopping for stress being a stepping stone towards a bullish run, BTC wants this trait to kickstart an uptrend.
On the opposite hand, more BTC has been shifting to crypto exchanges, signifying the emergence of promoting stress. Crypto perception supplier Santiment disclosed:
“1.69M total Bitcoin (currently the equivalent of $33.5B) was moved to exchanges from September 7th to 13th. This was the highest amount of BTC moved since October, 2021.”
Whenever coins are transferred to crypto exchanges, this often exhibits that promoting stress could be build up as a result of coins are moved from chilly storage and digital wallets for liquidation functions.
For occasion, lengthy liquidations hit $29 million in a span of quarter-hour. Market perception supplier On-Chain College stated:
“$29 million in Bitcoin long liquidations in 15 minutes as price drops below $19k.”
Bitcoin was down by 7.96% within the final 24 hours to hit $18,447 throughout intraday buying and selling. With rising international financial tightening and regulatory issues, it stays to be seen how the highest cryptocurrency performs out within the quick time period.
For occasion, buyers are getting ready for volatility due to the foremost interest-rate hike, which is anticipated this week from the Federal Reserve (Fed) to combat price pressures.
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