Bitcoin price again towards $30k, ‘miner outflow’ weakens

The bitcoin (BTC) price has been quite boring since the past week. The price is trading sideways, no major breakouts and that’s about it. However, there are some things to note. What is Bitcoin currently like? You can read it in this market update.

Bitcoin price forms higher low

At the time of writing, bitcoin is trading on crypto exchange Coinbase at a price of $29,400. On the Dutch trading platform Bitvavo, the bitcoin euro price is €27,858.

Right now, the $30,000 remains the main near-term obstacle. Since BTC fell through this on May 11, it has been the bulls failed to convincingly recover above this price level. However, it can be seen that after each rejection, the price always rises slightly higher low knows how to put down.

Also yesterday late afternoon, bitcoin was able to hit a higher low from the price level near $28,690. Since then, BTC has been up almost 3%. But as said, for a sustainable recovery, the $30,000 must first be broken. Incidentally, there we also find the 50-moving average (MA) on the 4-hour chart.

Bitcoin network is calm, miners calm down

Then to what on chain data. Blockchain analytics firm Glassnode reports that the outflow of bitcoins among miners has reached a monthly low. This indicator shows how many bitcoins are flowing out of miners’ wallets. A large outflow could mean they sell more bitcoin, which bearish is.

At the same time, it can be seen that the transaction volume on the Bitcoin network in the past four months was not as low as it is now. This indicator has been in a strong upward trend since April this year, a period in which the BTC price fell sharply.

Finally, a tweet from analyst Byzantine General. He dares to say that the price has found its bottom here. He bases this on the fact that prices in different markets can differ considerably from each other, and the greater these differences, the greater the “stretch,” as the analyst states:

“The bottom is in, come at me. Market has not seen such a disruption since March 12, 2020. “disturbance” = the differences between prices of different markets due to stretch.”

It must of course be said that in the end no one knows where the bottom will be. Many other analysts foresee further declines, especially given the current global situation. Given bitcoin’s high correlation with the stock markets, a drop there could cause further declines.

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