As the crypto market continues to follow bear market environment, the Bitcoin market mood appears to head for a change. The crypto market has now seen a series of negative macroeconomic results in the recent past. The macro trends have had a direct impact on Bitcoin (BTC) price in the midst of a bear run. Meanwhile, data on Binance deposit transactions shows the market is preparing for a bottom formation.
How Is Bitcoin Market Mood?
On chin data shows the Bitcoin selling pressure is on a gradual decline in past few months. A weakening selling strength could imply that the chances of a Bitcoin price drop are proportionally decrease. According to Crypto Quant, the chances of a BTC plunge are low if there are no sudden deposits going forward. The number of BTC deposit transactions has already peaked at the local top.
“Deposit transaction peaked at the local top. Although prices continue to fall this year, deposit transactions are declining. It is interpreted that the strength of selling is gradually weakening.”
There is clear pattern to show that the exchange deposits are quite similar to that of Binance exchange. This indicates that the crypto market is still dominated by the top exchange. Also, the selling pressure on Binance is clearly weakening this year. Meanwhile, BTC is showing volatile behavior with impact from macro reasons. Following the release of the U.S. inflation data for September, BTC plunged sharply towards the $18,200 range. As of writing, Bitcoin (BTC) price stands at $19,366, up 2.24% in the last 24 hours, according to price tracking platform CoinMarketCap.
Whale Accumulation Goes On
After BTC fell to the $18,300 range, it was reported that a Bitcoin whale entered long positions on Binance and Bitmex futures exchanges. Following the purchase at that range, BTC rose as high as $19,800 range. However, the top cryptocurrency is yet to reach the important psychological milestone of $20,000.
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