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Bitcoin Only Line Of Defense Is Holding But How Far? As Number Of BTC Exchange Inflows Increase

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Bitcoin does not have sufficient support below 20,000 dollars.



The cryptocurrency markets were relatively quiet over the weekend, with the price of bitcoin mostly managing to keep its value over the $21,000 threshold. This morning, the biggest cryptocurrency in terms of market capitalization is trading hands at about $20,700, which is around the same price as it was over the last 24 hours but is up 2% from where it was a week ago.

Bitcoin dominance which is a view of BTC share in the market is declining. Which shows bitcoin is being converted into stablecoins, fiat, or other cryptos. The current BTC dominance has fallen to 43% from 48% in June.

Author of Crypto Quant, who goes by the Twitter handle M_Ernest stated that there had been an inflow of 4,500 BTC to Coinbase on the spot market. This inflow came from a portfolio with more than 10,000 BTC and a high Coin Days Destroyed value (CDD). This suggests that long-term holders may have shifted their coins with the intention of selling them in the near future.

Ali Martinez, a cryptocurrency expert, recently presented statistics indicating that the price of bitcoin (BTC) must close at or above $21,820 in order to have any chance of continuing to advance. According to the graphic, there are not going to be any major supply bottlenecks ahead. 

In addition, he said that the price of bitcoin must maintain support at around $20,800 in order for the positive perspective to be justified. In such a case, you may anticipate a decline to the level of $19,000.

 

 

The most recent occurrence of the flagship cryptocurrency surpassing the $20,000 milestone elicited a variety of responses from Bitcoin investors. However, many supporters of cryptocurrencies have been amassing a total of 21 million BTC.  

And with the flagship cryptocurrency lately trading hands in the neighborhood of $20,000 presently after the year 2020, small-time investors regarded this as a chance to fulfill their goal to own at least one Bitcoin.

According to information provided on Twitter by Glassnode, approximately 8,755 $BTC worth more than $180 million were taken from recognized wallets associated with cryptocurrency exchanges during the previous week.

legendary trader Peter Brandt recently suggested that Bitcoin’s $20K can provide only a relief rally but BTC is eventually moving to $13K.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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