Bitcoin has risen above $59k! Will the bulls be able to push the pair back above $60,000? 2 indicators suggest that the pair may see above $60K again.
2 strong indicators about Bitcoin
Cryptocurrency markets 2.5 trillion dollar market broke the all-time record. In Bitcoin bulls, who took a rest for a while, a movement is observed again.. Prices have risen to over $ 59 thousand again. In the chart below, we see the change in prices.
There are 2 strong indicators about Bitcoin prices pointing to an uptrend. The first indicator is the re-purchase of institutional companies.
According to the findings of a research company followed with interest, Bitcoins in crypto money exchanges are withdrawn, thus reducing the selling pressure on Bitcoin.. An analysis by CryptoQuant supports the decreasing selling pressure in Bitcoin.
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The ratios obtained by dividing Bitcoin reserves by stable coins are read as an indicator that reflects the selling pressure on Bitcoin. This indicator is in an uptrend again. We see these values in the chart below.
The second important indicator that CryptoQuant mentioned is about the attitudes of Bitcoin miners.. Miners are observed to stop transferring Bitcoin to cryptocurrency exchanges. This change in behavior also reduces Bitcoin selling pressure.
The charts below show that the number of BTCs transferred by Bitcoin miners on cryptocurrency exchanges has decreased.
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It is also useful to share the following information. As it is known, the Coinbase exchange is one of the leading exchanges of corporate companies.. On May 7 (yesterday), over 11 thousand Bitcoins were transferred from Coinbase accounts to another account.. This transfer was interpreted as a bulk corporate purchase.
11,105 $BTC flowed out from Coinbase in an hour.
Chart https://t.co/dcjhkuhzWc pic.twitter.com/l27hxpb47T
— CryptoQuant.com (@cryptoquant_com ) May 7, 2021
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