Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Exchange Deposits
Drop to 8-
Year Lows
as Rate Cut Looms
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s (BTC) ongoing struggle to break past the $60,000 mark
hasn t triggered a sell-off among holders. Instead, many are holding
onto their assets, as shown by the decline in exchange activity.
The number of daily addresses sending BTC to exchanges has hit a multi-year
low, a trend that coincides with the market s anticipation of the
Federal Reserve s decision at its September 18 meeting.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Traders Hold Onto Their Coins
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On-chain data shows a decline in BTC’s Exchange Depositing Addresses , which
track the number of addresses sending inflow transactions from the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
network to crypto exchanges. This metric has been trending downward since
reaching its year-to-date peak on March 5.
Over the past week, the number of addresses that have deposited their coins on
exchanges has dropped by 19%. When this metric falls, traders or investors are
holding onto their coins rather than selling them. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Exchange Depositing
Addresses. Source: CryptoQuant
The recent decline in exchange activity coincides with market predictions of a
50% chance for a half-percentage-point rate cut at the Federal Reserve s
meeting on Wednesday.
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When Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s selling pressure eases ahead of a potential rate cut, it
often suggests that investors anticipate a more favorable market environment.
This growing bullish sentiment is reflected in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s funding rate,
which turned positive two days ago after six consecutive days of negative
values.
At 0.003% as of press time, BTC’s funding rate indicates stronger demand for
long positions over short ones.
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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Funding Rate. Source: Santiment
BTC Price Prediction: A Rally Past $61,000 Is Possible
At press time, Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) is trading at $58,726, continuing its price
decline from last weekend. However, the rising Chaikin Money Flow (CMF)
suggests that accumulation is taking place.
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Currently, the CMF, which tracks the flow of money into and out of BTC’s
market, sits at 0.06, forming a bullish divergence with the falling price.
This indicates that market participants are accumulating more BTC ahead of
Wednesday’s Federal Reserve meeting.
If the coin rebounds, it could retest the resistance level at $61,388,
potentially pushing BTC s price toward $64,312 .
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Analysis. Source: TradingView
However, if accumulation slows and the downtrend continues, BTC might lose
support at $54,302 and drop to the August 5 low of $49,000.
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Exodus Explore
Сoinex Explore
Top crypto platforms | September 2024
AlgosOne
BYDFi
M2 Exchange
Exodus
Сoinex
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