The price of Bitcoin has been very quiet since reaching the highest level of about $ 123,000. Last week, most of Premier Cryptocurrency danced between $ 117,000 -$ 120,000, struggling to maintain more than $ 119,000 during this period.
However, the price of bitcoin fell to the new week’s lowest at $ 115,000 on Friday, July 25, drifting in the comfort area and falling to the lowest level every week. The latest chain data has provided insight into major drivers after the latest modification of the market leader.
Is BTC in danger by a large player gaining profit?
In the QuickTake post on the Cryptoquant platform, a pseudonym analyst Caueconomy has shown that the activity has increased during the day of the exchange of Cryptocurrency. According to the recent hotint revelation, 40,000 BTC has entered this centralized platform on Friday.
This warm -chain observation is based on the inflow of Bitcoin exchange (expensive output value band) and tracks the amount of bitcoin consumed output that flows through centralized exchange at a given time. This metrics provide insight into other investor cohorts.
Source: CryptoQuant
As you can see in the chart above, the metrics have seen a significant surge in the past. This is not surprising. Galaxy Digital moved 32 years old, as reported early Friday.448 BTC (value of more than $ 3.7 billion) and a large portion (22,700 BTC) participated in the exchange.
CAUECONOMY emphasized that a large -scale coin movement, which can be seen on Friday, is related to gaining profits from large -scale players in the market. “OTC desk is also attacking these platforms.”
One of the services known to be provided by the central exchange is the purchase and sale of cryptocurrency. Therefore, an increase in cryptocurrency (Bitcoin in this scenario) is often transmitted to the open market, so it is often associated with increasing sales pressure.
However, Caueconomy mentioned that the price of Bitcoin is still much higher than $ 110,000, so it is not all depression of the flagship cryptocurrency. Ultimately, this trend suggests that net purchasing interest is still dominant in the mid -term market.
Bitcoin price at a glance
At the time of this article, the price of BTC is about $ 117,346, reflecting more than 0.2% decreased over the last 24 hours. According to Coingecko’s data, market leaders have declined almost 1% over the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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