Another red flag for Bitcoin is being raised by on-chain data. Bitcoin holders who made their purchases within the last three to six months are moving their assets to cryptocurrency exchanges, which might cause the price to fall near $15,000. As Bitcoin dropped to $15,682 on Thursday, the bear hug got tighter.
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The FTX-Alameda crisis has continued to put pressure on the cryptocurrency market as a whole. With crypto lender BlockFi stopping withdrawals and FTX US experiencing trading and withdrawal troubles, it is clear that the FTX infection has begun to spread.
Bitcoin owners are transferring their BTC to cryptocurrency exchanges.
Mid-term Bitcoin holders are being compelled by the FTX liquidity problem to move their BTCs to cryptocurrency exchanges. According to data from Bitcoin Exchange Inflow, the amount of cryptocurrency entering exchanges has increased by more than 5,000 BTC in the past 24 hours.
BTC spent output age bands
According to the BTC spent output age bands, there were two significant peaks involving more than 1,200 BTC on Thursday and more than 3,600 BTC on Friday. Five thousand, one hundred thirty-three and forty-nine Bitcoins, to be exact. When Bitcoin buyers over the past three to six months start moving their Bitcoins to exchanges, it’s a negative indicator of the market’s direction. Therefore, it’s possible that the correction will carry on for the next few days.
Today Bitcoin price
The current Bitcoin price is $17,394, an increase of about 4% over the past 24 hours. U.S. consumer price index data for October showed inflation dropping to a 9-month low, which prompted the market rise.
BTC Price Again Plunge
As investors and whales begin to migrate holdings to exchanges, however, the BTC price may again plunge to $15K. Investors should keep a watch on the United States. any increase in the value of the Dollar Index (DXY) can lead to a decline in cryptocurrency prices. With the release of the CPI data, the DXY has fallen to its current level of 107.61.
Under $20,000, Bitcoin Struggles to Maintain Value
The price of bitcoin has fallen below the important $20,000 threshold once again. The current Bitcoin price increase is occurring despite very low trading volumes and might end at any time.
Source: Google Trend