Bitcoin (BTC) started the week negatively, but it hasn’t shaken investor confidence in the bull market. The situation is delicate. The Evergrande implosion in China is having a negative impact on markets worldwide, not just Bitcoin.
BTC fell below $ 43,000 on Monday, but the outflow of BTC from the exchanges has continued on a multi-month pattern. This is because most traders only transfer their BTC assets to exchanges when they want to exchange them for other assets such as fiat currencies or altcoins. As a result, the stock market balance is used to measure traders’ attitudes towards the underlying asset.
Coinbase’s Bitcoin reserves suggest that traders intend to keep BTC rather than sell it. At the same time, its main competitor Binance has wreaked havoc.
BTC price statistics
BTC is currently trading at $ 42,594.08, a 2.82 percent decrease from its previous high. The market cap of the coin is currently $ 802,104,411,596 with a 24-hour trading volume of $ 42,577,391,837.
After another slump, BTC price action remained stable, testing the USD 40,000 support level for the first time since August 6th. In its latest update, popular trader Crypto Bullet noted, “I’m not very euphoric about this jump.”
He also said that while it is encouraging to see Bitcoin gain strength, I see BTC negatively. A recapture of $ 46,500, he added, would be a deal breaker for him to revert to a positive outlook, demand echoed others.
That day Filbfilb, an analyst at the trading platform More decentralized, told users on his Telegram channel that reclaiming 45,000 in support is a bullish target. Meanwhile in an interview with The Washington Post On Tuesday evening, the chairman of the Securities and Exchange Commission, Gary Gensler, who had previously made headlines with his comments on stablecoins, was supposed to reiterate his opinion on cryptocurrency.
Binance’s BTC balance is rising, suggesting China is selling. However, to put things in perspective, this has been a trend for several weeks and overall foreign exchange flows have been neutral for the past few days.