2023-06-17 16:00:00
Bitcoin rebounds – Bad news rains down during a bear market, and the dark streak continues. New Yorkers will soon be unable to access the crypto-bourse CoinEx. In parallel, the bitcoin price regains color, it is currently moving above $26,000. Is the bearish period over? Bitcoin seems to be leaving exchanges once more.
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Bitcoin price climbs more than 3% in 24 hours
After a complicated start to the week, bitcoin is waking up and buyers are regaining control of the course. Indeed, the bitcoin price climbs more than 3% in 24 hours :
The movement experienced yesterday and this morning allows the price to post a increase of more than 3% in one week. However, the course down 3% in one month. The BTC/ETH pair is now climbing more than 4% in one week. Ethereum continues to lose ground once morest the king of cryptocurrencies.
Bitcoins leave exchanges once more
On-chain analysis allows tostudy observable movements on the blockchain. This gives a lot of interesting information, like blockchain healththe market sentiment or even the behavior of the various market operators. Here, we will focus on movements on exchange platforms :
Recently, operators were depositing (green) their bitcoins on exchanges, probably for sell. However, since the end of May, the investor behavior has changed. As can be seen, bitcoins are globally withdrawn (red) exchanges, but at lower levels than in 2022. Indeed, in June and December 2022, operators massively withdrew their bitcoins. Drawback periods usually lead to upside at the course level.
Resistance at $26,700 for Bitcoin price in 4H
Buyers have shown themselves at the level of the bracket at $25,000. Since then, the price has increased by approximately 7 %. In the short term, the price is stuck at the level of the resistance at $26,700 :
If the buyers pushed, the price might go back to the level of the resistance at $27,300. On the other hand, a rejection might bring the price back to the level of the bracket at $26,000. For the moment, the dynamic remains globally bearish in 4H, it will be necessary to find a dynamic with troughs and ascending peaks. For its part, the RSI shows a bullish divergence. This shows some shortness of breath on the side of the sellers.
The market is experiencing a period of bitcoin withdrawals, although the amounts are less significant than those known in 2022. Operators currently seem confident, and are taking their bitcoins out of exchanges. However, despite the rebound, the momentum remains bearish in the short term. The course will have to change dynamics to find colors on the course of Bitcoin.
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