There are three reasons why Bitcoin is still on shaky ground and failed to retake $60k. Currently, Bitcoin is backtesting the lower levels after it fails to conquer $60,000 resistance. However, the indicator suggests that this downturn is not over it.
BTC bounced off$ 55,000 overnight on Monday, only hours after hitting a local high of around $59,000 in the Bullish early trading. However, the sellers are still in a place closer to the all-time highs of $64,500.
This largest cryptocurrency company has a lot of work to do to exit its current broad trading range.
Will BTC move back to exchanges.
BTC balance is one metric which may soon cause problems for the Bulls on cryptocurrency exchanges. Though BTC is facing a general steep-down trend throughout the past year, local Spikes are in supply.
However, when traders send back their coins to their exchange accounts for a potential quick sale, it tends to reflect a more selling-driven mentality. But this is not the case at every exchange this week.
According to the Bybt data, there are 16222 BTC that has entered Global leader Binance in the past seven days. But the institutional platform Coinbase Pro lost 11,947 BTC, which confirms the overall trend. Yet, other companies such as Okex, Houby, Bitfinex, and Kraken with Binance have seen their BTC balances tick up in the past 24 hours.
Rising greed
According to the Crypto Fear and Greed Index tracking, which measures the trader’s sentiment with the help of a basket of weighted factors, the appetite for a sell-off is rising even the price action is no longer favorable.
Dogecoin joins Altcoins’ Bitcoin pressure.
Altcoins are perhaps the most conspicuous factor at play when it comes to the problems of Bitcoin this week. Cointelegraph report indicates that the combined altcoin market cap could explode by more than 27,000% by 2022.
