Bitcoin may have a tough time charting a V-shaped recovery to recent highs in the short term, with on-chain activity showing increased selling pressure in the market. Blockchain analytics firm CryptoQuant’s exchange inflow indicator – which measures the 144-block (roughly 24-hour) average of mean bitcoin deposits across major cryptocurrency exchanges – has risen to 2.5 bitcoin, the highest level since March 20. In other words, the average size of inward-bound transactions to trading platforms has risen to eight-month highs.
“The data shows whales [large traders] are transferring their coins to exchanges,” CryptoQuant CEO Ki-Young Ju told CoinDesk. “The cryptocurrency usually trades in a sideways-to-negative manner when whales become active on exchanges.” Bitcoin is trading near $16,820 at press time, representing a 2% drop on a 24-hour basis. The cryptocurrency saw rejection above $17,400 early on Friday. The possibility of prices falling to or below Thursday’s low of $16,327 cannot be ruled out with average inflows now moving above 2 bitcoin – into CryptoQuant’s “danger zone.”
A reading above 2.00 on the indicator has consistently paved the way for notable price drops this year. The indicator rose above that level at least a week before the 40% drop seen on March 12. Similarly, the sharp sell-off seen in November 2018 was preceded by a sharp rise in the metric. Technical chart studies indicate low odds of an immediate bounce to levels above $19,000.
ICOs | Rating | Days left | |
---|---|---|---|
1 | 2local | 5 | 6 |
2 | PointPay | 5 | 178 |
3 | Geco.one | 4.9 | 34 |
4 | Pawtocol | 4.9 | 34 |
5 | Ledder | 4.9 | 64 |
6 | DogData | 4.9 | 65 |
7 | Tycoon | 4.9 | 95 |
8 | SerenitySource | 4.9 | 95 |
9 | Curate | 4.9 | 125 |
10 | IdeaFex | 4.9 | 508 |
Сryptocurrency | CVIX | Price | Change, 24h |
---|---|---|---|
Bitcoin | 69 | $33 499.92 | 2.03% |
Ethereum | 85 | $1 429.98 | 8.47% |
Tether | 1 | $1.00 | -0.03% |
Polkadot | 92 | $18.41 | 1.71% |
XRP | 66 | $0.279300 | 1.13% |
Cardano | 87 | $0.357500 | 1.54% |
Chainlink | 82 | $25.00 | 3.62% |
Litecoin | 67 | $145.37 | 2.41% |
Bitcoin Cash | 65 | $455.82 | 3.43% |
Binance Coin | 49 | $42.57 | 2.10% |
Exchange | Volume change, 24h | ||
---|---|---|---|
1 | Binance | 16.18% | |
2 | Binance.KR | 17.13% | |
3 | EtherFlyer | 41.08% | |
4 | ZG.com | 1.07% | |
5 | HBTC | 0.09% | |
6 | Dsdaq | 1.59% | |
7 | Bione | 46.57% | |
8 | Hydax Exchange | 5.16% | |
9 | Mexo Exchange | 4.68% | |
10 | WBF Exchange | 89.06% |