5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-17 | Selina Mathew
Last week, along with the collapse of the Terra ecosystem, the world's largest cryptocurrency, Bitcoin (BTC), saw a severe plunge. Since then, the Bitcoin price has been flirting with $30,000 but has yet to close above it on a regular basis.
Bitcoin has passed a 3-day red chart, which is a significant red flag on the technical charts! The BTC price corrected by a startling 50% the past two times this happened. If Bitcoin keeps performing like this, we might see a drop to $15,000.
The current market downturn has resulted in a massive inflow of BTC to the exchanges.
"Bitcoin Number of Addresses Sending to Exchanges (7d MA) recently achieved a 4-year high of 7,918.940," according to on-chain statistics source Glassnode. On 13 May 2021, the previous 4-year high of 7,903.512 was recorded."
Furthermore, the RSI chart indicates that Bitcoin is not now oversold. As a result, investors may wish to hold off on investing for a little longer.
Bitcoin is still accumulating.
BTC accumulation persisted amid last week's huge price fall, according to on-chain data source Glassnode. Glassnode provided an Accumulation Trend Score with a score approaching 1.
However, according to Glassnode, the top accumulators were tiny holdings with less than 1 BTC. Investors holding 100 to 10,000 bitcoins, on the other hand, demonstrated general deterioration in net accumulation.
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