Bitcoin continues to merge between $ 30,000 and $ 40,000, while the leading cryptocurrency currency was within $ 36.8k during intraday trading, according to CoinMarketCap.
Chain analyst William Clemente III revealed that 13.38% of Bitcoin’s circulating supply, which is 18.73 million BTC, has shifted between $ 31k and $ 40k. He explained:
“13.38% of Bitcoin’s money supply has now shifted between $ 31K and $ 40K. A lot of distribution at 35K-36K doesn’t want to turn it into resistance.”
However, the analyst warned of this significant supply, which reversed resistance, which could jeopardize Bitcoin’s rising rally.
Chris Weston, research director at Pepperstone Financial Pty, a Melbourne-based broker claimed that BTC should trade more than $ 40,000 for bulls who think they are not vulnerable.
Bitcoin’s supply as a percentage of profit fell to a 13-month low
According to chain measurement supplier Glassnode:
“Bitcoin supply as a percentage of profit (7d MA) just hit a 13-month low of 72,140%.”
The recent market crash, in which BTC raised from a record high of $ 64.8 thousand to $ 30,000, wiped out the profits of many investors and spared no miners.
Reportedly, Net flows of Bitcoin miners ’wallets turned increasingly negative.
This downward trend in the BTC market is also set to make the second quarter of 2021 negative, as Skew acknowledges. The encryption data provider stated:
“Bitcoin is well on track after the first quarter from the first quarter of 2020.”
At the same time, U.S. institutional demand for Bitcoin was dried up because in the American encryption switch, Coinbase experienced more inflows.
According to a recent weekly magazine report through digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. Net flow reached a record $ 141.4 million last week.
In addition, whale farms with more than 1,000 BTCs had fallen since February. Therefore, it remains to be seen whether BTC will attract more institutional investors to encourage upward.
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