Bitcoin is starting to decouple, but investors are sending BTC to exchanges

Bitcoin (BTC) seems to be taking a break. Volatility is decreasing considerably, but that’s no surprise after such a turbulent period. Bitcoin briefly rose above $25,000 yesterday, but was rejected again and immediately dropped to $24,200. This morning the price is bouncing around $24,750 with resistance and at the time of writing is trading at $24,520 Binance and $23,100 on Bitvavo.

This means that the bitcoin price is 1% down today. The trading volume fell by 20% in the past 24 hours. The total market capitalization is $475 billion and the dominance is 44.2%. The Fear & Greed Index comes out at 52 (Neutral).

Another bank in trouble

Bitcoin could rise sharply in the past few days. In fact, it was the best three-day performance since 2019 and led to the highest prize in nine months. That was probably related to the current banking crisis and we may not have seen the end of that yet.

After the problems at Silicon Valley Bank and Signature Bank, the large Credit Suisse is now also following suit. Shares of the bank fell yesterday, but are back up today on a $54 million loan. More on this later on Crypto Insiders

Is bitcoin finally starting to decouple?

The problems at Credit Suisse also hit European stock markets. Bitcoin is slowly starting to show signs of decoupling from these markets, but it may be too early to celebrate.

Investors send their BTC to exchanges

The bitcoin reserves on crypto exchanges are increasing, reports Cryptoquant analyst Cauê Oliveira.

Analyst Ali Martinez adds that as much as 50,000 BTC, worth about 1.2 billion, was sent to exchanges in recent days. That usually happens when these investors plan to sell.

Bitcoin network continues to grow strongly

Meanwhile, the Bitcoin network continues to grow strongly, despite the uncertainty in the market, reports analysis company Santiment. Over the past two months, the number of BTC addresses has increased by 1.17 million, a growth of 3.95%.

Our analysts use Bybit

The crypto market is volatile and constantly changing, which is why our analysts use Bybit to take advantage of both rising and falling prices. Moreover, you can follow successful traders through Bybit and learn from their strategies. By registering via this link, you can quickly and easily create an account and benefit from great prices and offers, while supporting our platform at the same time. For example, after a first deposit of $100 you will receive a gift of $20!

Read Also:  MetaMask Unveils Enhanced Privacy Features

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here