The world’s biggest cryptocurrency Bitcoin has been consolidating within a tight range of 3.8% between a crucial level of $60,000 and $62,375 level for the last 4 days. In this ongoing consolidation, recently a crypto expert made a post on X, that in the same period during the consolidation zone around 14,000 Bitcoins (BTC) worth $852 million have been sent to the cryptocurrency exchange.
Around 14,000 $BTC have been sent to #crypto exchanges in the last four days, worth around $851.20 million! pic.twitter.com/3EHHb7qsC5
— Ali (@ali_charts) June 29, 2024
14,000 BTC moves to Crypto exchanges
These massive transactions of Bitcoin to crypto exchanges highlight investors’ and traders’ fears, interests, and lack of confidence in Bitcoin. According to data from the on-chain analytics firm CryptoQuant, the movement of BTC to exchanges is steadily increasing day by day. Because of these continuous BTC transactions, the overall sentiment is bearish and in the last 24 hours, the overall cryptocurrency market is down by 1.6%.
As of writing, Bitcoin is trading near $60,850, and in the last 24 hours, it has remained stable, experiencing a 0.5% downside momentum. Looking at Bitcoin’s performance over a longer period, in the last 7 days, continuous fear and transactions of Bitcoin to exchanges have caused prices to drop by 5.5%. Meanwhile, over the last 30 days, Bitcoin has seen nearly a 10% downside movement.
According to the on-chain analytics firm CoinGlass, in the longer time frame, it is observed that bulls’ long liquidation is significantly lower than bears’ short liquidation. However, if the BTC price falls by $2,000, the market will experience $780 million worth of long liquidation. Whereas, if the BTC price surges by $2,000, we may see more than $1 billion of short liquidation, indicating that bears are active in the current situation.
Despite Bitcoin, other top cryptocurrencies including Ethereum (ETH), (Solana (SOL), and BNB (BNB) also experienced a price fall of 1%, 2.5%, and 0.85% of downside momentum.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC is looking bullish on a smaller time frame as it is moving above the $60,850 level. There is a high chance that the price may reach to $62,200 level in the coming days. However, if BTC fails to sustain this level and gives a daily candle closing below the $60,000 level then we may see a massive price fall to the $53,200 level more than 11% of the price drop.
On June 27, 2024, the United States government transferred a massive 3,940 BTC worth $241 million to Coinbase price. Earlier, the German Government also transferred their massive BTC holding to an exchange and unknown wallet as reported by Todayq News.
