On-chain analysis platform Crypto Quant analyst shared a sell signal for Bitcoin (BTC) that focuses on exchange transfers and works with a high success rate.
Crypto Quant analyst nicknamed “Dan” backtested a notable sell signal for Bitcoin. As a result of the test, it was seen that this signal worked largely successfully.
Analyst, Whenever more than 7 BTC is transferred to exchanges in the following days or hours at least a 1% decrease revealed.
The indicator analyzing the Bitcoin transfers in question has been around since the approval of spot Bitcoin ETFs. 11 times bearish signal vended. In the 48 hours following these signals, an average decrease of 3.38% was observed in the price of Bitcoin. The biggest decrease recorded during this period was –7.35% happened.
This indicator is finally 30 January gave a sell signal on and soon Bitcoin price increased. 2.41% depreciation happened. The analyst stated that this was a post for research purposes and reminded that investments based on a single indicator may result in losses.
According to CoinGecko data, in the last 24 hours %2 Bitcoin, which is on the rise, at the time of writing From $43,019 is being traded.