Bitcoin Price falls below $ 21,000 as Recorded Outflow Exchanges See

Bitcoin Price falls below $ 21,000 as Recorded Outflow Exchanges See

Bitcoin (BTC) fell at the opening on Wall Street on June 27, due to falling US stocks.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

The $ 25,000 is the bull’s boundary line

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair followed the stock market’s descent at the beginning of the last week of June.

At the time of writing, the pair was trading below $ 21,000, after reaching a minimum of three days after a fairly flat weekend.

Amid the general lack of bullish conviction among traders, expectations for further declines and bitcoin remained below the critical 200-week moving average (WMA) at $ 22,430.

“Bitcoin says NO with $ 21,000 support. It’s very good. We have structured layers, ”wrote Michaël van de Poppe, Cointelegraph participant debate on Twitter this day.

Another message claimed that further reductions would be needed to attract traders to open long positions. Support is at $ 20,325 and about $ 20,100, and if neither of them, a drop towards $ 19,000 could come.

Meanwhile, a trader and other analyst, Credible Crypto, set the conditions to ensure that this month’s $ 17,600 minimum will not be challenged. For him, a trip to the area should cost $ 30,000.

“If we manage to get the $ 25,000 back and get $ 30,000 – $ 28, 29, $ 30,000 – then I do not think that we will see any new downsizing,” he said. video update.

“So if we’re going to see new lows, I’d expect that to happen before we get back to the $ 25,000.”

Bitcoin remained on course to close its first ever month below the 200-week moving average on the day, setting the current bear market apart from previous ones.

Weekly candle chart of the BTC / USD pair (Bitstamp) with the 200WMA. Source: Trade View

BTC is being emptied from an exchange wallet

Meanwhile, the evidence continued that investors bought the float.

Read also: Google users think BTC is dead – 5 things to know about bitcoin this week

After the whales made headlines for the BTC purchase of around $ 20,000, there have been significant declines in more widespread exchanges in BTC supply over the past few days.

According to data from chain analysis firm Glassnode, June 26 saw the largest cumulative change in unsustainable BTC on exchanges.

The 30-day average change in the supply held on exchanges decreased by 153,849 BTC as funds moved elsewhere.

Graph of the change in the balance of bitcoin exchanges. Source: Glassnode

As Cointelegraph reported, metrics like the Mayer Multiple continue to show the potential for outsized gains from buying BTC at current levels.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investments and trades involve risk. You should do your own research before making a decision.

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