Bitcoin price falls below $21,000 while exchanges see historic outflows

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Bitcoin price falls below $21,000 while exchanges see historic outflows

Bitcoin price falls below $21,000 while exchanges see historic outflows
Source: CoinTelegraph
1656353722 27 Jun / 18:15

As the last week of June began, Cointelegraph Markets Pro and TradingView data indicated that BTC/USD followed stock markets downward. At the time of writing, the pair was trading around $21,000, having fallen to its lowest level in three days following a weekend of relative stability.

Bitcoin remained below the critical 200-week moving average (WMA) around $22,430, despite a widespread lack of bullish conviction among traders. "Bitcoin says NO against $21K support. That's all fine, and we have got levels structured," Cointelegraph contributor Michal van de Poppe participated in a Twitter discussion on the subject matter.

A subsequent essay stated that more lows would induce traders to initiate long bets. Support was located around $20,325 and at $20,100; if neither level held, a decline toward $19,000 was possible.

Meanwhile, another trader and analyst, Credible Crypto, outlined the conditions necessary to ensure that this month’s $17,600 lows will not be pushed. A journey to the low $30,000 level would be necessary for him.

“If we manage to reclaim $25,000, push up to the low $30,000s — $28, $29, $30,000 — at that point, I don’t think we’re going to see new lows,” he said in a video update.

“So if we’re going to see new lows, I’d expect it to happen before we reclaim $25,000.”

Bitcoin remains on course to end its first month below the 200WMA, distinguishing the current bear market from others.

In the meantime, evidence of investors purchasing dips continued to increase.

Recently, BTC supply on exchanges has decreased significantly after news of whales purchasing coins for roughly $20,000.

According to statistics from on-chain analytics startup Glassnode, the total change in BTC not held on exchanges was most significant on June 26.

As money migrated elsewhere, the 30-day average change in supply retained on exchanges decreased by 153,849 BTC.

As noted by Cointelegraph, indicators such as the Mayer Multiple indicate the possibility of outsized profits by purchasing BTC at current prices.

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