The difficult days are not over for cryptocurrency investors. The negativity that has been going on for almost 2 quarters is still continuing. On the other hand, the capital outflow due to the constant BTC ups and downs in altcoins has also increased. Popular cryptocurrency analyst Michael Poppe on Bitcoin $56,474.79 He highlighted two key levels by sharing his chart. Let’s take a look at the chart interpretation and also take a quick look at where we stand with the current IntoTheBlock data.
Poppe Bitcoin Prediction
Reputed crypto money Michael Poppe, one of the analysts, shared his current assessment for Bitcoin at the time of writing. This comment is extremely important as it addresses the targets for both scenarios. The key area is the $ 57,000 level, which we have been referring to in different analyst comments for days. Poppe wrote the following;
“Retest of key area and Bitcoin holding up nicely. This is a must. Otherwise, we should be looking at <$53K or <$48K.
“A break above $57,000 would suggest a strong and solid continuation towards $60,000-61,000.”
Bitcoin On-Chain Data
Global In/Out of the Money data, which converts investor average cost into spheres, reminds us of the difficulty of the $61,335 to $72,500 range with the extended consolidation period. The lack of buyers may cause investors who bought at high levels to give up and sell more. The support level is at $49,795, below $56,000.
Recovered mining reserves are in decline again. They have fallen by 1.08% in the last 7 days. From 1.97 million to 1.91 million BTC These are quite large numbers, considering that it has fallen to the level of .
Although net inflow to exchanges was positive on September 6, it continues to remain below the neutral level. When we look at the 30-day period, there was a net outflow of 9,600 BTC from exchanges.
As you can see in the chart below, the liquidity of sales on central exchanges is much stronger. In the 5 percent segment, sales are much more dominant than buyers. This means that the fact that every increase is evaluated by investors for sales may continue for a while.
Bitcoin price At the time of writing, it is stalling at $57,600.
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.
