Bitcoin (BTC), the world’s largest cryptocurrency by market value, remains at the $19,000 level after hitting a low of $18,860 on Tuesday. The cryptocurrency has been holding fairly resilient recently, compared to the rest of financial markets: The S&P 500 and Nasdaq declined Tuesday in a volatile session, with the Nasdaq falling into its second bear market of the year.
According to Bitfinex analysts, bitcoin might be gearing up for a significant price move, with coins apparently being pulled down from centralized exchanges; that’s typically seen as moving the cryptocurrency to storage, which means the owners have little intention of selling out of positions anytime soon.
The largest bitcoin outflows in the last three months occurred over three days during the last week (Oct. 1-4), according to data from Bitfinex.
“This buying pressure most likely indicates that many traders and investors bought the recent rally and are anticipating soon-to-be new highs,” said Bitfinex.
“The...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...