Cryptocurrency market is upside down again. Leading crypto Bitcoin (BTC) continues to stay below $20,000. In this environment, 1.69 million Bitcoins flowed to the stock markets. This marks the highest entry since October 2021. According to analysts, a single-day increase of this scale is similar to March 2020, when the BTC price experienced a steep decline. Analysts are revealing the bearish outlook for BTC price as the asset has dropped below all major moving averages for the fifth time so far.
Biggest Bitcoin stock market entry worries investors
$33.5 billion worth of Bitcoin flowed to exchanges between September 7 and September 13. This is the highest amount of entries since October 2021. This has raised concerns among holders and traders.
In the second week of September 2022, 1.69 million Bitcoins were moved to cryptocurrency exchanges. BTC worth $33.5 billion flooded exchanges for the first time since October 2021. Experts often associate it with a drop in the asset’s price as the stock markets fill up with Bitcoin. Because whales who want to sell their assets and individual investors who want to make a profit move their BTC to exchanges.
Bitcoin moved to exchanges on September 7-14Interestingly, Bitcoin exchanges have seen an increase in trading volume as the price drops. This sparked interest in the trade. According to data from crypto intelligence platform Glassnode, stock market entries have peaked since March 2020.
Will the BTC price sink or float?
Leading Bitcoin maximalist and analyst David Ellis shared the following on the subject:
Whales vomited 11.8k tokens. However, the Minnows returned tens of thousands. Probably because altcoins started to crumble. Stock market flows were calm today, the first of three days. But the volume was still well above average. The scent of volatility is in the air.
David Ellis also stated that BTC inflows to Coinbase, OKX and Huobi imply that derivatives markets are set up to create volatility in the spot markets with big moves.
https://twitter.com/DavidPBitcoin/status/1569843790671749122
Meanwhile, as you follow on Kriptokoin.com, miners holding BTC during the ‘capitulation’ period in August 2022 and rising on the asset have started pouring their Bitcoins in recent weeks. Glassnode analysts note that Bitcoin has fallen below its 60-day, 120-day, 200-day, 360-day and 720-day moving averages. Every time Bitcoin’s price drops below these moving average levels, it coincides with a ‘buying opportunity’.
At press time, the leading crypto Bitcoin is trading at $19,666 according to CoinMarketCap data. BTC saw a 0.69% drop on a daily basis, while it lost 7.69% on a weekly basis. Also, it currently bears massive bearish pressure that could keep the price capped below these levels. On the other hand, the US has also announced its plans to bring cryptos under the regulatory framework. According to experts, it is possible that this will affect the price even more negatively.
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