On-chain data indicates another warning sign for Bitcoin. The BTC price could dive further to $15K as mid-term Bitcoin holders, who purchased in the last 3-6 months, are sending their BTC holdings to crypto exchanges. The bear hug tightened as Bitcoin fell to $15,682 on Thursday.
The broader crypto market continues to be under pressure amid the FTX-Alameda crisis. FTX contagion has started to spread with crypto lender BlockFi pausing withdrawals and FTX US facing trading and withdrawals issues.
Bitcoin Holders Sending BTC Holdings to Crypto Exchanges
FTX liquidity crisis is forcing mid-term Bitcoin holders to send their BTCs to crypto exchanges. In fact, crypto exchange inflow jumped over 5000 BTC in the last 24 hours, as per Bitcoin Exchange Inflow data.
The BTC spent output age bands indicate two large spikes with over 1200 BTCs on Thursday and over 3600 BTCs on Friday. The total value is 5,133.49 BTCs. Bitcoin holders that bought BTC in the last 3-6 months sending their BTCs to exchanges is a bearish signal. Thus, the correction will likely continue in the next few days.
Bitcoin price currently trades at $17,394, up almost 4% in the last 24 hours. The rally came after the U.S. reported October CPI data at 7.7%, with inflation falling to a 9-month low.
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However, the BTC price may again dive to $15K as investors and whales start to move holdings to exchanges. Investors need to keep an eye on the U.S. Dollar Index (DXY) as any upside move can cause crypto prices to start falling. Currently, the DXY is at 107.61, declining below 110 after the CPI data.
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