Bitcoin (BTC/USD) may consolidate above $15,000, but pressure is mounting. At press time, the cryptocurrency was trading at $16,623, down 1.32% on the day. BTC is also largely consolidating instead of taking directional moves. A technical outlook shows a possible decline to the next lower level.
Bitcoin price action comes as data shows BTC holders are withdrawing their holdings from crypto exchanges. According to Glassnode, there has been a mass exodus of bitcoin from exchanges to over $1.75 billion per month. The withdrawals come after the collapse of crypto exchange FTX.
Furthermore, Glassnode data shows investors are flooding exchanges with digital assets pegged to the dollar. Over $1.04 billion worth of stablecoins flowed into exchanges following the FTX fiasco. The surge suggests that investors are gearing up to buy the dip as most cryptocurrencies tanked.
An increase in stablecoins flowing into exchanges dampened investor expectations. However, this does not mean that we have reached the bottom of the market. From a BTC perspective, this is evidenced by the increasing pressure from the bears on the cryptocurrency.
BTC Analysis As Price Stalls Below Key Levels
On the weekly chart outlook, BTC broke below the $19,500 level. The MACD indicator shows that the cryptocurrency is bearish. The pace is also getting weaker.
Will bitcoin stay low?
the current btc price The level may fail to hold due to weak momentum. The price is also trading in a non-support zone, which means that the cryptocurrency is yet to settle.
A lower price is possible for BTC based on technical indicators. The next established support for BTC is the $11,000 low. However, the level around $14,000 has previously shown price action and could provide support for BTC.
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