Bitcoin (BTC) Flashing Potentially Bearish Metric, According to Crypto Analytics Firm Santiment
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Bitcoin (BTC) is showing a potentially bearish pattern on the charts, according to crypto analytics firm Santiment.
Holy notes that 1.69 million Bitcoins, worth more than $33 billion at the time of writing, moved on exchanges between September 7th and 13th.
According to Santiment, this number represents the highest weekly exchange spike since October 2021.
A study published in 2021 by Santimenti shows that large increases in exchange flows lead to an average 5 percent drop in the price of crypto-assets. To calculate this result, the analytics firm tracked the price changes of 1,000 cryptoassets with a market capitalization of at least $1 million.
As for the entire crypto market, Santiment considered This week, crypto traders do not seem interested in buying the dip, indicating fear and uncertainty in the market.
“After yesterday’s big drop, crypto traders are showing signs of being a bit numb to sudden declines due to inflation fears. Buying interest is now noticeably low compared to when prices rose three days ago, suggesting FUD.”
Bitcoin was trading at $19,749 at the time of writing. The cryptocurrency with the highest market capitalization is down 0.73% in the last 24 hours and over 7% in the last seven days. BTC is still more than 71% down from its all-time high of over $69,000 reached last November.
Also analytics company Glassnode notes Bitcoin’s seven-day moving average of transaction volume hit a one-month low of $2.59 billion on Friday. Glassnode also highlights that the seven-day moving average of BTC’s average transaction volume only achieved a month low of $244,630.36.
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