Coinbase’s Bitcoin reserves drop to its lowest level since December 2017

Bitcoin (Bitcoin) Returns to weekly lows on September 1st, because the new month begins with a failure rather than an explosion.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is hovering in “price stability”

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a low of $46,530 on Bitstamp overnight, the lowest point since August 27.

50,000 USD Out of reach, The price trend continues to diverge”Significant“From strong on-chain indicators and fundamentals.

For analyst Willy Woo, who published similar findings this week, the current level of support may keep Bitcoin intact. The cost basis for more than 1.65 million BTC is between US$45,000 and US$50,000.

“Bitcoin is close to another area where prices are stable,” he said Tell Twitter fans on Wednesday.

“Short-term technical weakness, and on the chain, investors are accumulating. All factors squeezed by volatility. Breaking through 50 may be a fast track to 60.”

The area of ​​approximately $51,000 is still active this week as “The final obstacle“Bitcoin’s resistance level is widely believed to collapse in the medium term, but the exact timing of this impulsive behavior is a mystery.

Investors seem to be ready to continue trading on this day. The major exchange, Coinbase, has reserves at its lowest level since December 2017 – 700,000 BTC – and nearly $20 billion of stablecoins are on the centralized trading platform ready to be converted.

On-chain analytics company Glassnode “After a period of moderate BTC inflows after the May sell-off, Coinbase has seen a large number of coin outflows” Comment On the data.

Coinbase BTC balance annotation chart.Source: Glassnode/Twitter

Ethereum leads altcoins to boost

However, for Cointelegraph writer Michaël van de Poppe, BTC integration is business as usual.

related: 3 reasons why Polkadot may become the next altcoin to hit a record high

“Yes, Bitcoin is going this way,” he said Summarize.

“In general, the very normal integration led to a major breakthrough in altcoins and Ethereum, becoming the first currency to break new highs.”

MeETH/USD broke through 3,500 U.S. dollars overnight, setting the highest level against the U.S. dollar and BTC in three months. The dominance of its cryptocurrency market value rose to 20.4%, while Bitcoin stabilized at 44%.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView