Price Analysis

BTC outflow from Coinbase

BTC outflow from Coinbase

BTC is struggling to break the resistance of $50,000 after dropping from $58,000 to $48,000. 

Tracking on-chain activity is an important parameter to understand the price action for an asset. We saw a major drop in price when around 2700 BTC were deposited on a spot exchange from a wallet. BTC dropped from $58,000 to $48,000 which was the biggest drop in a single day for this asset. Watching BTC outflow and inflow to and from exchanges is a helpful tool.

Major BTC movement from Coinbase

In the past few hours, it was observed that there was a major BTC outflow from the cryptocurrency exchange Coinbase. As per CryptoQuant, it was observed that there was a major BTC outflow from Coinbase.

cryptoquant outflow

Coinbase Custodial Wallets

Over 13,390 BTC moved out of Coinbase. This a very high quantity. As you can see from the graph, whenever there is a spike in BTC outflow, it indicates that a lot of BTC was bought and it was followed by a price rise.

These BTC moved to various Coinbase custodial wallets. This suggests that US institutional investors are buying BTC at this price as well and could signify a price rise in this asset in the near future.

Monitoring Movements

You can monitor the unusual activity by following whale alerts bots and in flow-outflow bots on twitter, telegram and other social media.

cryptoquant bot

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Images courtesy of CryptoQuant

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

 

Source: altcoinbuzz.io
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