The decline in the price of the leading cryptocurrency accelerated over the past 24 hours. Bitcoin found itself below the $18,000 mark.
The chart below shows a volume-supported downward move in price:
Bitcoin is trying to cling to the $19,000 level, which is 8% below its 2020 high. The four-hour BTC/USD chart from Bitstamp on TradingView.
Update: The price continued to fall, breaking below $17,000.
Hourly BTC/USD chart from Bitstamp on TradingView.
Other popular crypto assets have also weakened substantially, including Ethereum and XRP, which recently turned out to be in the spotlight.
Data: CoinGecko.
There is also a strengthening of inflows to trading venues/exchanges.
All Exchanges Inflow Mean increased a few hours ago.
It indicates that whales, relatively speaking, deposited $BTC to exchanges.
But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days.
Chart 👉 https://t.co/mL1j2ZqVf8 pic.twitter.com/6ErmJHrS4v
— Ki Young Ju 주기영 (@ki_young_ju) November 26, 2020
“This indicates that whales, in fact, deposited Bitcoin on exchanges. Yet, long-term on-chain indicators point to the predominance of buying pressure. I still believe we can surpass $20,000 in a few days,” said CryptoQuant CEO Ki Young Ju.
Analyst Lucas Nuzzi of Coin Metrics also sees positives in the fundamentals and the prospects for Bitcoin’s price growth.
We might look back at 2020 as the de-facto year Bitcoin became Digital Gold.
The median age of bitcoins outstanding is at an All-Time-High, showing a strong hodl base.
At the same time, velocity is the lowest it’s been since 2011, showing hodlers’ reluctance to spend their BTC. pic.twitter.com/M6AQNu2J99
— Lucas Nuzzi (@LucasNuzzi) November 25, 2020
“The median age of bitcoins in circulation is at a historic high, indicating a substantial number of hodlers. At the same time, coin turnover is at its lowest level since 2011. This suggests hodlers are unwilling to spend their money”.
Earlier, the price of Bitcoin broke through the $19,000 level on the back of record trading volume on exchanges.
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