Crypto Pundit Suggests Bitcoin Is No Longer In The Danger Zone.
Cryptoquant thinks Bitcoin may have crossed from the sell-side.
There have been many speculations about Bitcoin after the top coin seemed to be pushing above $20k. Even a few analysts like Cryptoquant seem to be a bit optimistic.
In a recent tweet, Cryptoquant CEO Ki Young Jun shared an interesting opinion about the current market status regarding Bitcoin. According to his analysis, there hasn’t been much movement on the on-chain side over the past week.
What Does It Mean?
The CEO explained a little about what this development may mean for the Bitcoin market, although he stopped short of being absolute. Jun believes that BTC may have pushed from the sell-side to the safe side based on his observation of the on-chain activities over the past seven days. This may have been contributed by the current price that seems to be fighting to stay above $20k, signifying some growing resilience and potential increase.
“I haven’t seen any significant Bitcoin on-chain activities for the past seven days. Who knows the future but at least the $BTC market is safe from sell-side liquidity as long as on-chain is quiet.”
I haven’t seen any significant #Bitcoin on-chain activities for the past 7 days.
Who knows the future but at least, the $BTC market is safe from sell-side liquidity as long as on-chain is quiet.
— Ki Young Ju (@ki_young_ju) July 6, 2022
There hasn’t been much upside on Bitcoin Exchange Balances since the start of July, further reducing the risk of strong selling. Lark Davis shares Glass node data demonstrating that Bitcoin balances on exchanges are decreasing continuously. According to the chart shared by the famous crypto influencer, almost 150K BTC left exchanges, the largest BTC exchange outflow recorded.
Largest #bitcoin exchange outflow on record.
Probably nothing… pic.twitter.com/JaIcnAa2Tz
— Lark Davis (@TheCryptoLark) July 5, 2022
NB: Nobody Knows The Future
While the Cryptoquant CEO is optimistic, he’s not exactly sure about the future, which is understandable because the crypto market is known to be volatile. Things can change on a whim. Still, the current analysis posts an optimistic view that Bitcoin might have overcome the extreme pressure seen over the last few weeks. That’s even though it hasn’t regained much of its previous positions.
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