With the new month starting with a failure rather than an explosion, Bitcoin drops to weekly lows on September 1st. BTC / USD fell to a low of $ 46,530 on Bitstamp overnight, its lowest level since August 27th.
The current support for Bitcoin could be enough to keep it alive. The cost base for more than 1.65 million BTC is between $ 45,000 and $ 50,000. Bitcoin is in close proximity to another place with stable prices, said Willy Woo, a financial analyst.
Bitcoin is approaching another region with remarkable price stability. Short term technicals are weak as investors accumulate in the chain.
All requirements for a volatility squeeze. Breaking 50 is probably a quick way to get to 60.
– Willy Woo (@woonomic) September 1, 2021
Bitcoin price stability
Bitcoin has been consolidating between critical support and resistance levels in the past few days, which may be positive for its price as it is better than a full correction.
Coinbase BTC’s balance is now at a level, according to data, that has not been seen since December 2017. Tracking the BTC balance on the exchanges is one approach to measuring the potential for large movements in Bitcoin price to come. There are more bitcoins to trade when the number is high.
To estimate the likelihood of high volatility in the near future, analysts use this popular metric. In December 2017, Coinbase’s BTC balance was the same as it is now, according to Glassnode, a renowned analytics resource.
After a moderate phase $ BTC Inflows after the May sell-off, Coinbase saw a large outflow of coins.
This brings the total balance to just over 700k $ BTC.
The last time the Coinbase #Bitcoin The balance was at this level in December 2017.
Live chart https://t.co/xYOrYZMY4x pic.twitter.com/fwOLXZdFn3
– Glass node (@glassnode) September 1, 2021
The reserves of the main exchange Coinbase are at their lowest level since December 2017 – 700,000 BTC – and stablecoins worth around 20 billion US dollars are on the central trading platform, waiting to be converted. Investors seem ready to keep trading on this day,
BTC is currently trading at $ 47,588.75, a 0.15 percent decrease from its previous high. The trading volume of the coin for the past 24 hours was $ 36,756,159,915 with a market cap of $ 894,824,436,386.
Another well-known analytics resource tells us that the number of BTC held in all exchange wallets has decreased since July 26th. Cryptocurrency bulls need to protect the 200 day moving average for support while taking advantage of recent market gains.