Thursday, June 1, 2023
  • Home
  • Crypto
  • DEFI
  • NFT
  • Press Release
  • Contact Us
No Result
View All Result
No Result
View All Result
Home News

Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway ⋆ ZyCrypto

Betty Snyder by Betty Snyder
May 26, 2020
in News
0
Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway
586
SHARES
3.3k
VIEWS

Advertisement
&nbsp

&nbsp
Bitcoin bulls are clearly losing steam as bears have been able to break below $9,000 and the daily ascending channel. They also managed to break the 26-EMA support but the volume for the bears is concerning.

Considering they managed to break below crucial support levels, the bearish continuation hasn’t been that strong, and volume has continued declining. Bulls can still see a daily equilibrium formed if they can hold the $8,117 support. 

You might also like

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry

FUNToken Announces a New pair on Binance – FUN

Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection

The short-term is definitely in favor of the bears but it’s not a clear downfall for Bitcoin just yet. According to recent statistics, the number of addresses holding Bitcoin has continued to grow further confirming the narrative about people accumulating Bitcoin.

Rising Bitcoin Accumulation

According to statistics from Glassnode, the number of Bitcoins held inside exchanges has been dropping significantly for the past 2 months and continues dropping. Around 2.6 million Bitcoins were held inside exchanges at the beginning of 2020, now only 2.393 million which means that 200,000 Bitcoins were withdrawn from exchanges in the last 5 months. 

This clearly shows that people are more interested in holding Bitcoin than selling. The number of addresses with more than 1k balances has been dropping for the past 3 months but the ones with 10k or more have been growing since February of this year 

The clearest chart is the one with addresses with 1 Bitcoin or more. At the beginning of 2020, there were around 781,000 addresses with >1 BTC whereas now we can see more than 810,000 addresses. A huge growth that wasn’t stopped by Bitcoin crashing in March.

The number of longs vs shorts is also still favoring the bulls. Currently, there are around 76% long positions vs only 23% short positions on BitMEX and this number is even greater for Ethereum which stands at 93% long positions.

This doesn’t necessarily mean that Bitcoin will recover fast in the short-term but it is a great outlook for the longer term.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram
DISCLAIMER Read MoreThe views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Previous Post

Bitcoin Miners Spark Second Capitulation Of 2020. How Long Will It Last? ⋆ ZyCrypto

Next Post

Bitcoin Addresses Craig Wright Claims To Own Have Termed Him ‘A Liar And A Fraud’ ⋆ ZyCrypto

Betty Snyder

Betty Snyder

I’m a cryptocurrency and blockchain technology writer. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.

Related Posts

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry
News

Prime Minister of Vietnam visits Genetica: Propelling Vietnam to the forefront of Asia’s Biotech Industry

by Alverta O'Conner
March 14, 2023
FUNToken Announces a New pair on Binance – FUN
News

FUNToken Announces a New pair on Binance – FUN

by Alverta O'Conner
April 22, 2022
Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection
News

Meta Cricket League” – World’s First NFT Cricket Game All Set to Release Its Maiden NFT Collection

by Alverta O'Conner
April 21, 2022
Blockchain game StarMon announced important news on “NFT SEOUL 2022” in Korea. A new gameplay model will be launched
News

Blockchain game StarMon announced important news on “NFT SEOUL 2022” in Korea. A new gameplay model will be launched

by Alverta O'Conner
January 21, 2022
Blockchain

Metathon is calling for amazing DEVs and Degens!

by Betty Snyder
December 3, 2021
Next Post
Bitcoin Addresses Craig Wright Claims To Own Have Termed Him ‘A Liar And A Fraud’

Bitcoin Addresses Craig Wright Claims To Own Have Termed Him ‘A Liar And A Fraud’ ⋆ ZyCrypto

  • Why must you pick a white label crypto exchange solution than developing a new one?
  • Bitcoin Product Demos During the Halving – Bitcoin Magazine
  • Whitelabel Cryptocurrency Exchange platform and it’s 4 salient features!
  • Despite Chaos, The Next BTC Price Rally Could Be Spurred By This Little-Known Bitcoin Indicator
    Crypto Pundit reveals what will likely ignite another parabolic Bitcoin Rally ⋆ ZyCrypto
  • Which is Best Crypto Trading Bot Platform?
  • CoinSwap Space first DEX to provide crypto purchases directly onto any non-custodial wallet via Ramp Network

    CoinSwap Space first DEX to provide crypto purchases directly onto any non-custodial wallet via Ramp Network

    3772 shares
    Share 1509 Tweet 943
  • Altseason Pushed Further Back As Top Altcoins Fall Under Bitcoin’s Spell ⋆ ZyCrypto

    3738 shares
    Share 1495 Tweet 935
  • Filecoin and Polygon Deploy Interoperable Bridge To Expedite Web 3 Development

    3545 shares
    Share 1418 Tweet 886
  • The Cost Of Transacting With Bitcoin Has Dropped By Almost 90% Within A Month ⋆ ZyCrypto

    3320 shares
    Share 1328 Tweet 830
  • CoinSwap Opens Up New DeFi Opportunities With Their Certik Approved DEX

    3032 shares
    Share 1213 Tweet 758

About

Cryptoate site is a comprehensive resource for everything related to cryptocurrency and blockchain. We aim to be a one-stop solution for all your crypto and blockchain news and events.

Email: [email protected]

Recent Posts

  • Understanding Smart Contracts: The Foundation of DeFi Lending
  • Discover Staking Risks and Considerations
  • Bug Bounty Program Governance and Policy Frameworks
  • Symbiosis Adds Arbitrum Nova to Expand DeFi Connectivity
  • How Blockchain Can Revolutionize Game Monetization Models

Catagories

  • Mining
  • Crypto
  • Press Release
  • Price Analysis
  • Cryptocurrency
  • Trading
  • Cryptocurrencies
  • Blockchain

Calender

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    
  • About Us
  • Contact Us

Associated with Blockchain Press Media Network.

No Result
View All Result
  • Home
  • Crypto
  • DEFI
  • NFT
  • Press Release
  • Contact Us

Associated with Blockchain Press Media Network.