5 Key Reasons Bitcoin Price Fell From $9,800 To $9,200 Overnight
The price of Bitcoin fell from $9,800 to $9,200, and it was most likely caused by five key factors. 5 Key Reasons Bitcoin Price Fell From $9,800 To $9,200 Overnight
The price of Bitcoin (BTC) fell from $9,800 to as low as $9,200 on major exchanges overnight. It comes after BTC demonstrated relatively low volatility in the past week, ranging in between $9,900 and $9,500.
The sudden short-term price drop can generally be attributed to five major factors: a cascade of liquidations on BitMEX, whales seeking liquidity at near support levels, an uptick in miner selling and the rapid growth of the options market.
Cascading Liquidations On BitMEX
In the last 18 hours, around $53 million worth of longs were liquidated on BitMEX alone. It indicates traders were largely expecting the price of Bitcoin to reclaim the $10,000 resistance level in the near-term.
Instead, the price of Bitcoin rejected $9,800 with a heavy sell-off, taking BTC down to around $9,300 initially within a span of an hour.
There is a high level of selling pressure in the high-$9,000 area because traders are actively moving to hedge their positions in case of a deep pullback.
Cryptocurrency Trader Koroush AK Wrote:
For the past week we’ve been bouncing between ~$9850 and ~$9250 with slight deviations. Good levels to play if you like a good range. $9850 is preceded by several HTF resistances but after ~$10500 we should see fireworks. Should $9250 break I expect mid $8000s.
In April 2020, it took around 38 days for Bitcoin to rally from $5,800 to $7,700. But, it took less than 9 days for Bitcoin to surge from $7,700 to $10,000.
Technically, there is little resistance or support between $7,700 to $9,100. Traders are seemingly cautious about a further downtrend because of the weak technical structure between the price range.
Whales Using The False Satoshi Narrative To Seek Liquidity
As Cointelegraph extensively reported on May 20, an individual moved 50 BTC from a wallet that dates back to February 2009.
The 50 BTC was mined merely one month after the first Bitcoin block was mined, causing people to speculate if it was Satoshi Nakamoto.
But, from the absence of a Patoshi pattern to the existence of several early miners in 2009, almost all data points showed the sender was not Satoshi.
The lackluster data did not stop whales from using the narrative to stir up volatility in the market. As soon as the transaction was publicized, the price of Bitcoin dropped by 5% almost immediately. Whales were most likely adding selling pressure to take liquidity at low support levels.
An Uptick In Miners Selling
According to data from ByteTree, the Miner’s Rolling Inventory (MRI) is at 102.8%. If the MRI crosses around 80%, it shows miners are selling the BTC they mine, rather than holding onto it.
On May 20, the day the price of Bitcoin fell to $9,200, the net inventory of miners was -187 BTC. Given that miners mine up to 900 BTC post-halving, they sold more than they mined on the day.
The recent trend of miners selling more BTC than before the halving occurred on May 11 may add persistent selling pressure on BTC throughout the near-term.
Rising USDT Withdrawals
On-chain data from Glassnode shows the number of Tether (USDT) exchange withdrawals reached an all-time high.
Tether is widely utilized as an alternative to digital cash, especially in regions with restrictive access to the cryptocurrency exchange market, such as China.
The outflow of Tether from exchanges suggests two things: the number of sellers in the market is on the rise and the number of Chinese buyers may be on the decline.
“USDT Number of Exchange Withdrawals (1d MA) just reached an ATH of 2,083.37. Previous ATH of 2,075.792 was observed on 30 April 2020.”
The Options Market Is Expanding, Fueling Volatility
The Bitcoin options market is expanding at a rapid rate, with Deribit reaching a billion dollars in open interest.
Unlike futures and spot prices that are relatively easy for both long-time traders and beginners to navigate, options contracts are conceptually more complex than the two. As such, options appeal to professional and full-time traders over casual traders.
With options being one of the three big markets alongside spot and futures, the volatility of BTC and the diversity of investors within the market is increasing. In the near future, the options market is likely to have more impact on the price trend of BTC.
5 Key Reasons Why Bitcoin Will Likely See New All-Time Highs Soon
On-chain data suggests Bitcoin price will likely breakout to a new all-time-high soon as whales, miners and long-term hodlers turn bullish again.
The price of Bitcoin (BTC) has been under severe selling pressure by whales for the past two months, on-chain data reveals.
However, five key indicators suggest that major sellers are about to turn into hodlers or even accumulators of Bitcoin again, while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.
Whales Stopped Selling
The number of whales, which are Bitcoin addresses with a balance equal to or more than 1,000 Bitcoin, have declined by more than 10% since Feb. 8, suggesting a large sell-off of Bitcoin.
While the price of Bitcoin managed to see two all-time highs during the two-month dumping period, the overall price rise has significantly slowed down, with BTC finding strong resistance at around $60,000. Since March 31, however, large holders of Bitcoin have stopped selling.
Portfolio rebalancing as a quarter ends is a typical time for sell-offs. As Bitcoin has seen a 104% price rise since the beginning of this year, this was to be expected.
Grayscale, the largest digital asset manager, announced on April 6 that it had just rebalanced its digital large-cap fund at the expense of selling Bitcoin.
If rebalancing is the major driver, and considering that the number of addresses holding equal to or more than 1,000 BTC is back at levels last seen at the end of 2020 — when the price started rising — whales could be finished selling for now.
Long-Term Hodlers Selling Bitcoin Are Slowing Down
When Bitcoin broke its previous 2019 high in October 2020, this begn one of the fastest, most prolonged increases in coin days destroyed (CDD).
The CDD on-chain metric expresses the “weight” at which long-term hodlers are selling. It is calculated by taking the number of coins in a transaction and multiplying it by the number of days it has been since those coins were last spent. This means that the higher the CDD is, the more volume is sold.
However, since the beginning of the year, selling by long-term hodlers is not only drastically slowing down but has almost come back to the level at which the sell-off was initially triggered in 2020.
This suggests that long-term hodlers have become increasingly confident in a higher Bitcoin price in the near term.
Miners Have Turned Into Bitcoin Accumulators Again
Because Bitcoin miners’ revenue stream is newly mined BTC, they regularly have to sell their mined BTC to pay for their operational expenses such as electricity costs. However, some miners tend to speculate on the price.
By holding back on selling Bitcoin, they become net accumulators. This is expressed in the miner net position change metric, which shows the 30-day change of the supply held in miner addresses.
The last time miners were hesitant to sell their Bitcoin was right before a major price increase almost three months ago. This positive change suggests that miners expect higher prices in the near future.
Institutional Demand Remains High
Despite material selling pressure from whales, institutional demand for Bitcoin has not slowed down. The net transfer volume of Bitcoin from/to exchanges is deep in the red, almost at a historical low, meaning that more Bitcoin is currently being withdrawn from exchanges than deposited.
This is a sign that these coins are moving to cold storage. This is typical for institutions, as they tend to make long-term investments and prefer safer custody solutions rather than leaving them on an exchange.
Since the pandemic, there has been a historic supply crunch of exchange Bitcoin balances. It has become even more material as institutions have started to accumulate in greater quantities since November 2020.
This is made clear by the large continuous drop in Bitcoin balances on exchanges over the past few months, particularly Coinbase, which is a frequent choice for institutions.
“Assets on Platform of $223 billion, representing 11.3% crypto asset market share, includes $122 billion of Assets on Platform from Institutions. … We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class.”
Not only is it certain that institutions have materially added to their revenue, but this data also shows Coinbase’s confidence that this trend of buying is likely not going to stop soon.
Weekly Ascending Triangle Close To A Break
Since the beginning of February, a weekly ascending triangle has formed. Statistically, this chart pattern gives a higher likelihood of breaking to the upside than to the downside.
If the price were to break to the upside, the size of the triangle suggests a potential breakout target toward $79,000. While neither the break to the upside nor the price target is a certainty, it is a chart worth keeping an eye on alongside major on-chain signals.
Strong forces in the market — whether they are long-term hodlers, miners or whales — are all showing signs of confidence in an increasing price of Bitcoin.
The ascending triangle gives even more reason to believe that this move could be imminent and to the upside. While no one would mind a $79,000 Bitcoin price in the near future, a breakdown of the triangle is also a possibility that should be taken into consideration as not all key on-chain signals have fully aligned just yet.
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Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)
E-Trade To Offer Crypto Trading (#GotBitcoin)
US Rapper Lil Pump Starts Accepting Bitcoin Via Lightning Network On Merchandise Store (#GotBitcoin?)
Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)
21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)
You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)
Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)
Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)
Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)
Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)
Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)
Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)
Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)
Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)
Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)
Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)
How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)
Definite Signs of An Imminent Recession (#GotBitcoin?)
What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)
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