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The drop below $ 55,000 comes at a time when the flow of money into cryptocurrencies is decreasing.
The above supports could not be maintained Bitcoin price decreased to around $ 55k in the session 23/3. Bitcoin’s decline is causing the cash flow to be allocated to the market to decrease significantly.
After falling late on Monday (March 22) to around $ 53,715, the lowest level since March 16. Bitcoin’s 24-hour moving range: $ 53,795 – $ 58,407.
The biggest cryptocurrency has dropped 5.8 percent in the past 24 hours, showing the biggest daily drop since Feb. 23, according to Bitstamp data.
According to Coindesk, the drop below $ 55,000 occurs when the money flowing into the crypto market is weakening, and shows that the volume of sellers is increasing with the price falling … this is a bad sign.
“The flow of crypto capital is slowing down, which may indicate investors are uncertain about the price of BTC”, according to Coindesk.
Additionally, the cash flow into crypto funds fell about 58% to $ 99 million last week.
“Investors’ demand for crypto funds is significantly decreasing, which may reflect bitcoin’s price uncertainty in the near term,” according to Coindesk’s analyst.
In the recent CoinShares report it states:
“We recorded a drop in the volume of transactions for our Bitcoin investment product, to $ 713 million a day last week, compared with a recorded high of $ 1.1 billion a day.”
“In addition, we also see a clearer division of the money flowing into the Crypto market. Specifically, cash flow is slowing down in the US, while in Europe and Canada are recording the ‘appetite’ of investors.
Ki Young Ju, CEO of CryptoQuant said:
“There is not enough buying power so the adjustment will definitely continue. In my opinion, the price of BTC may take a while before it can make another move, for now do not expect the market to have strong rallies like before.
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