Bitcoin (Bitcoin) The bear market is being “confirmed” because the whale is still sending large amounts of BTC to the exchange.
This is according to Ki Young Ju, CEO of the on-chain analytics service CryptoQuant, who stated on June 21 caveat Regarding the current state of Bitcoin “very uncertain”.
Too many whales ruin the market?
Ki uploaded a so-called “Whale Surrender Index” chart, confirming the first massive whale sell-off on the exchange since July 2019.
At that time, BTC/USD had just fallen to $13,900-this level will not be reached again until October 2020.
Therefore, given this historical background, Ki joined the debate, believing that Bitcoin’s recent historical high of $64,500 is likely to be the highest local price.
“I don’t want to say that, but the BTC bear market seems to be confirmed,” he wrote in a comment.
“Too many whales are sending $BTC to the exchange.”
The data caught the attention of statistician Willy Woo, who pointed out this week that hodlers have increased their positions again, dredging supplies at a price level of just over $30,000.
The request for 2017 whale behavior data generated chart Shows the plot of three different coins being sent to the exchange a lot ofAs emphasized by the Twitter user who provided it, this did not prevent BTC/USD from reaching an all-time high of $20,000 at the end of the year.
Going on, Ki himself admits that it may not be good to continue to bearish Bitcoin in the short term.
“To be clear, I don’t expect my bearish bias on BTC to last long (maybe only a few weeks), because in the long run, the market’s supply and demand conditions look good (for example, the stablecoin ratio (USD) and SSR),” he added.
So don’t get me wrong, I’m not saying that everything is over. “
China Piper plummeted many times
As Cointelegraph ReportMany factors seem to be causing downward pressure on the price of Bitcoin.
related: As the price of BTC plummeted to $32,000, Bitcoin’s classic bearish chart pattern formed
Most notably, after China initiated the crackdown, earth-shaking changes have taken place among the miners, and activities have been suspended in some of the previously densest mining areas in the world.
Commentators have call The incident has transferred computing power to other countries, becoming the largest “attack” in the history of the network.
The network hash rate has dropped significantly, but it has fallen by no more than 40% compared to the historical high, and the price trend has maintained a support of $30,000.
CryptoQuant With eyes The Puell Multiple of Bitcoin has dropped accordingly, a Classic indicators This now brings the largest cryptocurrencies closer to the “buy” realm.