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The fall of Bitcoin to $ 35,000 has left buyers skeptical


Despite the fall of bitcoin to $ 35,000, buyers are still hesitant to buy on the floor, but in-chain data show that long-term holders are still accumulating bitcoins.

to the the report Coin Telegraph, Bitcoin and Traditional Markets fell again on Friday (June 28) following remarks by the Federal Reserve about the possibility of premature interest rate hikes. The remarks led to a rise in the value of the dollar to the detriment of US high-risk assets and Treasury bonds.

However, not all charges are against the US Federal Reserve; Because for weeks, worries about a further drop in the price of bitcoin have been growing. Meanwhile, much has been said about the approach of the Bitcoin price trend approaching the intersection of death and its impact on the future of the market-leading digital currency.

One of the traders wrote about this on his Twitter account:

The intersection of death may occur in the next few days باشید Be prepared. We see a strong bearish signal. This is a warning to bitcoin traders.

The selling pressure today pushed the price of Bitcoin below the significant support of $ 36,000. The drop prompted traders to predict the next step in Bitcoin’s move to $ 32,500, after which it could fall as low as $ 30,000.

BTC / USDT price chart in 4-hour timeframe; Source: Trading View

These technical factors were accompanied by negative news about Bitcoin; Such as the closure of digital currency mining centers by Chinese authorities and the recent news of the complete collapse of the Iron Finance protocol, which led to the zeroing of the value of the Titan Digital Currency (TTN).

The demise of the Iron Finance project has hurt many digital currency fans and billionaire American investor Mark Cuban, and traders are worried that the price of bitcoin could fall further.

Bitcoin Fear and Greed Index; Source: Alternative.me

As a result of these concerns, the index of fear and greed for digital currencies has dropped to 25, which indicates a strong fear and the continuation of last month’s trend.

Increase input to exchanges before massive sales

Data from CryptoQuant Analytics shows that the net inflow of bitcoins into exchanges was a wake-up call for watchdog traders before it fell in price from $ 41,000 to $ 36,000 last week.

On June 15, the inflow of bitcoins into exchange offices increased to $ 41,300, the digital currency; But in the next three days it was reduced by 15%.

Net bitcoin flow in all exchanges; Source: CryptoQuant

An observer analyst has said that whale activity at the Gemini exchange has been significantly correlated with part of the massive sales in the digital currency market in 2021.

He tweeted:

Gemini Exchange is a cover for Bitcoin whales. Looking back, we can see that the biggest improvements were made by the Gemini whales. It can be assumed that the positive net cash flow of bitcoin in Gemina could indicate a relative price ceiling for it.

While the net flow of bitcoins in exchange offices has stabilized over the past two days and the inflow is only slightly higher than the outflow, market participants are waiting to see where the price will move as the death intersection approaches.

Smart money is still being raised

While investors’ fears are growing and some traders who bought their bitcoins at March and May lows are selling at a loss, the supply of all long-term bitcoin holders, which peaked in mid-May, continues to fall. Is increasing.

According to William Clemente III, an active digital currency analyst on Twitter, recent intra-chain data suggests that bitcoin sales are saturated, and that the digital currency is “now at the turning point of major intra-chain indicators.” has taken”.

Clemente said long-term holders “are still accumulating discounted bitcoins”; An action that has helped offset short-term holder sales. He also stressed “accumulation [بیت کوین] “It is getting stronger.”

The short-term future of bitcoin remains risky, according to Rekt Capital, a digital currency analyst and trader; Because previous examples have followed the correction of the intersection of death, which was similar to the correction before reaching the intersection of death.

Long-term data, on the other hand, shows a more optimistic future, as whale wallets and long-term holders continue to increase their bitcoin holdings.

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