Bitcoin recorded a stagnant growth in the past but on Wednesday it surged close to $9000 mark. The data has been evaluated by on-chain analytics resource CryptoQuant.
It should be understood that while traders reverse Bitcoins from a private wallet, it suggests trade or sell at short notice. According to a report in Cointelegraph, exchange balances witnessed a long-term downtrend, which in May, hit its lowest since late 2018, when BTC/USD crashed to $3,100.
CryptoQuant suggested the weak performances might see a reduction in volatility in near future. However, it still remains to be seen if the claims made by them holds true.
According to a Kraken data, over 4000 Bitcoins entered more than the average BTC.
“I expect a small pullback,” CEO Ki Young Ju told Cointelegraph in private comments. He also added that if the sell-off begins it would not match the intensity to March.
“In my opinion, it’ll be around $8,800,” he said.
Meanwhile last week, Cointelegraph analyst Filbfilb highlighted Bitcoin’s 20-week moving average at $8,200 as a realistic buy support zone.
Due to the novel coronavirus pandemic situation Bitcoin remained tied with the macro markets.