After a week of rally, Bitcoin price has returned most of its gains. Investors continue to scour Bitcoin among exchanges as the price of the leading crypto remains at a six-month low, but despite the supply shortage, the price of BTC has remained unchanged. Analysts are evaluating the effects of this situation in both directions. cryptocoin.com We provide details as…
Bitcoin’s supply gap is not enough to keep the price from rising
Bitcoin has regularly left exchanges over the past twenty-six weeks. Despite the recent crypto fall, investors continued to dump BTC from exchanges, causing a shortage of supply. Bitcoin reserves have fallen across exchanges in the past, suggesting that investors are hoarding commodities for long-term investment. This causes an immediate shortage of supply on exchanges fueling the BTC price increase. On the other hand, the latest Bitcoin accumulation has not yet led to an increase. After the current price drop, Bitcoin is holding near a six-month low.
Due to warnings from the US and others, last week’s Bitcoin price gains (after Bitcoin was used as a workaround to avoid sanctions) were completely wiped out as Russia’s invasion of Ukraine progressed.
Bitcoin looks ready for trend change
Investors now think BTC price is poised for a trend reversal as a static whale address that has been dormant for more than eight years has been revived today. Since 2013, whales have held 407 Bitcoins, currently worth $15 million. Whale wallet activity indicates a Bitcoin price trend reversal.
Analysts predict Bitcoin to drop $35,000 in the near future
Bitcoin’s price is low on both the daily and quarterly charts, according to FXStreet analysts. According to analysts, the Ichimoku cloud momentum has changed due to a Kumo twist. This indicates that a bearish dip in BTC price is on the horizon. At the time of writing, BTC was trading 0.45% above the intraday low of $37,709. Falling back to the $35,000 region would mean about 10% loss from this region.
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