Bitcoin (BTC) Price Consolidates After Brief Rebound
- Since the 9th of May, BTC exchange outflows have been at a high level.
- There has been a dramatic spike in the number of BTC transactions.
After plunging below $26,000 in the most recent episode of the crypto-crash, BTC has risen over the $30,000 mark. Despite macroeconomic uncertainties, the Bitcoin bulls attempt to maintain their position on a steady recovery path.
Market Mood Imbalanced
Bitcoin has recovered after hitting fresh lows after the LUNA meltdown. The measures have favoured the Bitcoin bulls over the previous 24 hours, and that trend is expected to continue. With both inflow and outflow surpassing high figures, an unusual pattern is noticed on the exchanges. Investors are likely to be confused since the market mood is now imbalanced.
Since the 9th of May, BTC exchange outflows have been at a high level not seen since July 2021. Hodlers who have been holding on to their Bitcoins for the long haul should be highly encouraged by the current uptick in price. Assets should be kept away from exchanges to maintain their long-term safety, which may be gauged using this indicator. The price seems to be trading in the $29.5K- $30K level range.
On the other hand, the amount of BTC entering exchanges has increased. Since the 9th of May, it has been at an all-time high. This shows that a rebound may not last and that a larger stimulus may be needed to improve emotions.
There has been a dramatic spike in the number of BTC transactions due to the recent surge in exchange inflows and outflows. The median transaction volume hit 0.023 BTC today, a 9-month high as per data from Glassnode. According to CMC, the Bitcoin price today is $29,514.08 USD with a 24-hour trading volume of $34,929,100,557 USD. Bitcoin has been down 3.61% in the last 24 hours.
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