Bitcoin

Bitcoin On-Chain Metric Reveal Interesting Data! Is BTC Price Back on Track?

The week started with creating a lot of upheaval in the crypto space. On 20th September, pNetwork, a cross-chain DeFi platform came up with a tweet revealing that the network has been hacked on Binance smart chain. And hackers stole approximately $12.7 million worth of Bitcoin. Followed by the hack, economic turmoil coming out of China’s real estate giant Evergrande and this week’s Federal Reserve meeting threatened Bitcoin price.

BTC price dropped by 11.3% from $47.7k to $40.4k on September 20th, 2021. BTC price is now trading at $42,694 at the press time. However, crypto exchanges have continued to accumulate a huge chunk of Bitcoin coming in! As per the recent report of Cryptoquant, a crypto metric platform reported. A dramatic drop in BTC price resulted in a large accumulation between $42k and $44k. With this, Exchange Reserves recorded an all-time low since September 2018. 

Binance Exchange Experienced A Large Bitcoin Accumulation.

Binance exchange accumulated a large chunk of Bitcoin among all other exchanges. The report from Glassnode (A crypto metric platform) says accumulation surged by  11,842 BTC over the last few four days. Will Clemente, a crypto analyst shared his view via a tweet saying a large BTC sell-off is coming from Chinese traders. 

Other Speculations Impacting Large BTC Accumulation on Binance:

  • Hack on pNetwork, a cross-chain DeFi protocol built on Binance Smart Chain (BSC) resulted in a loss of $12.7 million worth of Bitcoin. This factor might be impacting huge BTC accumulation on Binance.
  • In order to comply with local regulations, the Australian government decided to cease offering the Futures, Options and Leveraged Tokens to existing users. The exchange has given 90 days effective from September 24th to reduce and close their positions for these above-mentioned products. This could be another reason Australian traders might be looking for other exchanges.

The present BTC accumulation seems to continue throughout the week. At present BTC price is attempting hard to rebound to the next major resistance levels between $43,900 and $44,100. But RSI and MACD factors are indicating BTC price to continue its accumulation phase for a few more days.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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