There Are 3 Signs That BTC Has Reached Or Is Close To A Short-Term Bottom
On November 10, 2021, Bitcoin hit its all-time high of $69,000 at the rate of the Coinbase cryptocurrency exchange. After that, for about 77 daily trading sessions, Bitcoin is at the mercy of the bears, who use any local bullish bounce for another sell-off and push the price even lower. According to Coinglass, there have been several large series of forced liquidations of about $9.80 billion in long positions to date, which have driven investors to extreme fear. Excessive fear and an appreciable amount of on-chain losses in the Bitcoin market created the basis for the appearance of preliminary signs that there may be a rebound of this or that force in the short term.
Check the chart:
BTC Reserve On All Crypto Exchanges
The number of Bitcoins entering or withdrawing from all cryptocurrency exchanges in one way or another indicates the mood of investors in the near future. From July 26, 2021, Bitcoin reserves have a steady downward trend, which is a direct indication of the bullish mood of investors. Despite the significant fall of Bitcoin in recent weeks, coins continue to be withdrawn from the exchange, which means investors “buy the dip” each time and then send their coins from the exchanges for storage to cold wallets. This alignment is…
