Bitcoin price falls to $29.5K, but on-chain data reflects investors’ growing interest
BTC price dropped below $30,000 again on July 18, but the recent crab market price action is also backed by compelling investor activity on-chain.
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BTC price dropped below $30,000 again on July 18, but the recent crab market price action is also backed by compelling investor activity on-chain.
Credit Suisse has pulled the U.S. equities markets lower, but a positive sign is that Bitcoin and select altcoins are holding near their local highs.
The bullish analogy appears as Bitcoin reserves across all the crypto exchanges fall to their lowest in the previous 12 months, suggesting holding sentiment among traders.
One of the crypto mining stocks delivered more than 1,600% returns year-over-year (YoY) while Bitcoin's gains in the same period came out to be around 290%.
The flagship cryptocurrency closed the previous week below its 21-week exponential moving average for the 19th time in history, triggering additional selloff risks.
The analogy appeared in anticipation that Bitcoin could post a 2017-like bull run, in which the price rose by more than 1,900%.
The sell-off in the Bitcoin market, in particular, intensified due to excessively leveraged bullish bets.
Bitcoin addresses holding 1,000 to 10,000 BTC have resumed accumulating coins.