Large holders of the first cryptocurrency actively transfer coins from wallets to exchanges. According to the head of the crypto quant analytical service, Ki-Young Ju, this signals a new wave of bitcoin sales soon.
The expert justified his conclusions by moving the indicator of bitcoin flows of large investors to exchanges to the “danger zone.”
As a basic scenario, Ki-Young Ju considers a correction/consolidation of the first cryptocurrency price in the coming days, followed by a wave up and a breakdown of the $20,000 level in December.
$BTC Whales are depositing to exchanges. I expect dumping in the short-run.
All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we're in a danger zone. The price is likely to go sideways or down when whales are active on exchanges. https://t.co/eIfHdkIzdL pic.twitter.com/CenxR44h5Q
— Ki Young Ju 주기영 (@ki_young_ju) November 27, 2020
The day before, the head of CryptoQuant said that the resumption of withdrawals from OKEx did not significantly impact bitcoin’s behavior since 83% of these assets went to non-exchange wallets.
On November 26, bitcoin’s price fell below $17,000, while on November 25, it rose to $19,500. At the moment, the first cryptocurrency is trading around $16,750.
On the eve of the head of Stock Funds, Matthew Dibb, as the main reason for the fall in bitcoin’s price by $3000 per day, called the mass liquidation of positions with leverage.