Bitcoin (BTC) Steadies Beyond $20K Despite Latest Liquidations & Massive Outflows

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Anyone tracking the crypto, either as a fan or investor, might wonder whether the latest bear regime has ended. True enough, the marketplace remains capricious, especially for long-term players. Nevertheless, these observations and opinions can help you better analyze the current market status.

Bitcoin recently saw colossal liquidations. Some firms that invested in BTC, like Celsius, went insolvent courtesy of the latest market-wide slump. The bearish regime liquidated most leveraged positions. Others, such as Tesla, dumped their BTC holdings. Latest reports show the carmaker sold 75% of its BTC stash.

Evaluating Market Outlook

Bitcoin still recuperated beyond $20K within no time despite the outflows. The recovery highlighted BTC’s strength (even) amidst stress tests against unfavorable and highly volatile market conditions. Is that a signal that the space readies for massive revivals?

Evaluating some metrics could help offer a clearer outlook of Bitcoin’s current position. For instance, addresses with over 100 BTC ha reduced their sell-offs drastically. These addresses increased significantly since mid-June. That backed BTC”s bullish performance.

A brief decline in the metric within the past few days indicates the possibility that surged selling momentum could halt further uptrends in the near term.

Meanwhile, Bitcoin balances on crypto exchanges dominated throughout the month, whereas inflows and outflows were somewhat balanced. Nevertheless, the overall addresses index shows addresses have grown consistently over the past 30 days.

Nevertheless, the past few months saw exchange balances reducing substantially. That means a lucrative signal for BTC’s long-term performance. It conforms to massive demand around lower price regions.

Therefore, investors have been capitalizing on the lower prices. Nevertheless, some exchanges could witness higher balances due to the long-term surges in trading volume.

BTC’s Risk-On Status & the Fed

Indeed, most leading Bitcoin investors have held BTC as a risk asset. That means the individuals have been avoiding or selling Bitcoin since the Federal Reserve began hiking rates. Maintaining such trends will mean more seller strength on BTC. Softer interest rates could support more uptrends.

Though the Fed holds BTC’s lifeboat, other facets will impact its long- and short-term performance. Investors’ sentiment and regulation still influence the crypto’s performance. For example, favorable cryptocurrency laws by the SEC could favor bulls.

Moreover, the latest bottoming by the market could mean a lucrative signal and enhanced investor sentiment since June. That can attract more buyers.


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