Bitcoin

Bitcoin (BTC) Price Would Have Surged Beyond $22,500 Till Now-Here’s What Went Wrong!

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Story Highlights
  • Bitcoin price is trading between an accumulated range between $20,500 and $21,500 for the past few days

  • A massive amount of BTC left the exchanges at the same time which had to uplift the price close to $22,000 but yet trades around the same regions

Bitcoin price has been testing the crucial resistance at $21,000 multiple times and failed to sustain above the gained levels. However, the price has again made an attempt to surge beyond the same levels which is yet again facing acute bearish action. Surprisingly, huge BTCs left exchanges immediately after the price rose close to $21,500 which had almost nullified the selling pressure. 

But the BTC price continues to struggle around the same levels which indicates some level of distortion going on within the space. One of known analyst discovered the exchange reserve balance of all spot exchanges and Binance specifically and released some of his observations. 

As soon as the Bitcoin price raised beyond $21,000, a huge outflow of nearly 20,000 BTC was recorded in the past 6 days. 

CryptoQuant

This had almost killed the selling pressure in the market which would have raised the BTC price beyond $22,500 by now. But, the bears suddenly jumped in and are attempting to dominate the rally. The main reason observed by the analyst here is the BTC flowing back into Binance. 

The analyst observed that at the times when BTC recorded massive spot outflows, Binance register almost the same amount of inflows at the same time. This might have ceased the buying pressure which had mounted significantly but the FUD compelled the price to hover within the narrow ranges. 

Therefore, with the above observation, it is pretty clear that the Bitcoin (BTC) price was on its way to registering a significant upswing. This would have revolved into a bull rally in the near future, but Binance appears to have ruined the entire plot. Hence the markets now require to wait until the new bullish volume kicks in. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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