The week starts red! Bitcoin (BTC) and almost the entire market is turning red with sharp declines here and there. What’s going on on crypto Twitter this morning? In this article an overview with a number of interesting tweets.
Bitcoin (BTC) bearish engulfing candle on weekly chart
We start with the weekly bitcoin price chart. Because there is the candle from last week turned out to be a so-called bearish engulfing candle. This means that the candle completely overshadows the candle of the week before. The candle from two weeks ago was still green and during that week it also reached the key resistance zone near $53,000.
The bears are still largely in control, as it turned out last week. The rise into this resistance zone was reversed and a rejection near USD 53,000 was evident. So this price remains the main obstacle for now, notes analyst and trader Nebraskan Gooner:
Bitcoin and Ethereum Flowing Out
The negative move comes at a time when we did see some positive signs of investors taking their bitcoins and ethereum away from exchanges. They send their crypto to external wallets to hold it for the long term. This also reduces the chance of a sudden dump since the crypto is no longer on the exchanges. Last week, $1.2 billion in bitcoin and $545 million in etheruem flowed out of the exchanges:
Big companies buying bitcoin?
Finally, a tweet from Wu Blockchain. From data from on chain data research firm CryptoQuant reportedly sees the “All Exchanges Fund Flow Ratio” falling. This is a sign that there is more over the counter (OTC) transactions take place, a way large companies and investors often buy bitcoin.