By Shelly Melancon (Switzerland)
Following a massive multi-week drop in the market cap of the entire crypto market, BTC’s price also dropped sharply. Also, BTC whales are now moving their BTC from exchanges. Popular crypto whale transaction monitor, whale alert, disclosed that a BTC whale wallet sent $86.4m worth of BTC (about 2,100 BTC) to an anonymous crypto wallet on September 20.
This BTC transfer occurred following the liquidation of $230m worth of BTC positions on September 20. It is unclear whether the liquidations were responsible for the BTC whale transaction. Despite the BTC price correction, exchanges have been receiving massive inflows, with many BTC whale wallets moving large quantities of their virtual assets from wallets to exchanges.
Data from on-chain analytics firm, Santiment, revealed that “BTC price has dropped almost 13% in the last 72 hours. Yet, inflows into exchanges spiked sharply despite the massive price correction on September 20.” Santiment’s data was further confirmed during the Asian trading period on September 21. A top BTC whale wallet transferred $26m worth of BTC (around 605 BTC) to a leading crypto exchange.
BTC Network Activity
In this past week, BTC’s hash rate, revenue, and other BTC network activity rose sharply despite BTC’s price movement during this period. The latest Glassnode weekly blockchain report states that “BTC hash rate rose this week, proving the BTC network’s continued resilience. It rose to almost 136 Exahash on the weekly moving average.
Also read:This figure represents about 53% recovery. Thus, showing that only about 25% of the BTC hash rate all-time high arent online.” The report further stated that “since Q1 2020 till now, miners continue to depict their tendency to hold their BTC instead of selling them.”
BTC Could Experience A Further Pullback
Leading market trader at Inthemoneystocks.com, Gareth Soloway, has disclosed that BTC price correction in the short-term isn’t over yet despite the king coin losing about 11% of its value yesterday. According to Soloway, the king coin might correct towards the $17.5K range once it surges past the $40K range.
But he insisted that even if it declines towards that low price, it will still rally back towards previously predicted price levels. He also said BTC is likely to maintain its rally without any significant correction once it surges past $66K (at which point, it would have set a new price record).
The king coin is undergoing a price correction despite breaking past what many traders regarded as its key resistance point – the $50K price range. But on September 20, the digital asset industry (including BTC) declined sharply, losing over $220B within 24 hours. BTC’s price correction isn’t over yet; it lost 4.5% of its value in the past 24 hours and now trades at about $43.4K as of this writing.
Soloway further opined that the digital asset space needs to find the best solution to its liquidity issues even though they remain the future. He is known to have predicted the current crypto price movement. He further said, BTC would be bearish in the short-term but would start a strong long-term rally after the short-term bearishness.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.