Bitcoin struggled to make a profit last month, even though a major bank predicted that Bitcoin’s price would soon double.
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Bitcoin prices reached $ 52,000 per Bitcoin early last week and then plummeted to less than $ 45,000 due to a failed virus program to support Bitcoin prices. The crash wiped out about $ 300 billion in the Bitcoin and cryptocurrency markets, which are currently around $ 2.1 trillion.
Currently, according to the data, the Bitcoin exchange reserve, which is the amount of Bitcoin held in Coinbase, Binance, etc., has begun a huge execution when the Bitcoin price peaked at about $ 65,000 in April. It is lower than last November.
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This week, the Bitcoin exchange reserve hit a few-year low. According to data from the on-chain analytics outlet CryptoQuant, it means that the market has a low supply of ready-to-sell Bitcoin. When investors move their holdings from the exchange to the storage location, the Bitcoin exchange reserves are reduced.
“Since last week’s crash, the crypto market has moved to a limited range between $ 43,000 and $ 47,000, both bullish and bearish,” said Marcus Sotiliu, a trader at GlobalBlock, a UK-based digital asset broker. I don’t know. ” As a memo, he pointed out data showing that large-scale Bitcoin holders called whales have increased by “about 44,000 Bitcoins in the past week, 103,600 Bitcoins in the past three weeks”, and called the data “bullish”. expressing.
On Monday, business intelligence software company Microstrategy
“This means that in the coming weeks or months, we may be flooded with announcements of Bitcoin purchases for institutional investors,” Sotiriou wrote. [are] do not know. “
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On the other hand, according to technical analysis, the price of Bitcoin is becoming the so-called golden cross, and the 50-day moving average is higher than the 200-day moving average. This is not necessarily a sign of bullishness, but may be a lagging indicator, but some believe that the golden cross can support the new surge.
Alex Kuptsikevch, senior financial analyst at FxPro, said in an email comment: “The crypto market doesn’t seem to be clearly attractive for short-term and medium-term purchases, but it’s of interest to buyers. It’s showing signs. ”
“Bitcoin has systematically gained support for the downside of a simple 200-day moving average this month and is now above $ 44,300. In early August, the rise from this curve will rise in the next five weeks. It started to rise by 40%. “