Bitcoin (BTC) price is stalled at $62,000 and the daily low was recently seen at $61,473. This is now more than usual for altcoins. So will the expected rise begin in the cryptocurrency markets? Some cryptocurrencies The recent BTC sell-off suggests that this time it could be different, as it hasn’t seen a fearsome decline. There’s more to come.
Will Cryptocurrencies Rise?
Latest stock market data Bitcoin price The recent volatility for may have now started a bottom reversal. While demand is weak at high levels, the percentage of dip buyers is increasing. According to CryptoQuant data, we saw the third largest net outflow from exchanges on August 27. This is encouraging after the recent supply increase. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
On July 5 and 16, there were 52,000 and 68,500 BTC outflows, respectively. The third largest outflow was 45,000 BTC. Amr Taha addressed this issue in his latest market assessment.
“Large negative net flows are usually indicative of a bullish trend as they indicate investors are transferring their Bitcoin from exchanges to potentially hold it for the long term, thus potentially reducing selling pressure in the market.”
On January 1, 2024, the total amount of BTC on exchanges was around 3 million 11 thousand, but today it decreased to 2.633 million. The annual decrease in exchange supply of 12.5% is extremely positive.
BTC Price Prediction
Despite the positive on-chain signals, the BTC price outlook is not very good in the short term. The price, which has difficulty exceeding $ 65,000, has weakened greatly, especially amid the sales from Binance customers. Although it has increased by about 40 percent from the August low, Bitcoin is now facing a difficult test.
The point to watch out for is $61,700 and the price is now just above this level. Cryptocurrency analyst Justin Bennett says that the BTC price is at risk of falling to $53,000.
“We had a $63,300 clean + failure and a weekly imbalance that could act as a magnet at $53k. Trigger is $61,700. We’ll see.”
Q3 performance has historically been the weakest of the year and the BTC chart bears this out. If history repeats itself, we may not see significant gains until late September.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
