Ethereum

bullish

Bitcoin

when

The number of Bitcoin addresses depositing into exchanges has dropped to 132,100. 
According to insights published on CryptoQuant by analyst CryptoOnchain, this is a figure last seen in 2016. 
<h2 id="decreased-selling-pressure">Decreased Selling Pressure</h2> 
This metric, which tracks the number of addresses sending inflow transactions to exchanges, <a href="https://cryptoquant.com/insights/quicktake/66e6e8e37261b47dc9541058-Bitcoin-Exchange-Depositing-Addresses-at-Its-Lowest-Level-Since-2016?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=cryptoonchain" target="_blank" rel="noopener" data-wpel-link="external">suggests</a> a decrease in selling pressure as fewer investors are moving their BTC to trading venues for liquidation.&nbsp;This reduced sell-off activity follows bitcoin’s recent surge above the $60,000 mark, which triggered outflows from centralized exchanges (CEXs). 
According to IntoTheBlock<a href="https://app.intotheblock.com/coin/BTC/quick-view" target="_blank" rel="noopener" data-wpel-link="external"> data</a>, the cryptocurrency saw over $1.3 billion in net outflows from these platforms over the past week. Most of these, around 12,420 BTC, occurred on September 10 when its price struggled to hold above the $57,000 level. 
These movements signal increased accumulation, with many investors holding onto their assets in anticipation of a bullish market. Some crypto analysts also have a bullish outlook for bitcoin. 
In a recent X <a href="https://x.com/Washigorira/status/1834535703318856172" target="_blank" rel="noopener" data-wpel-link="external">post</a>, the anonymous analyst Titan suggested that the largest crypto could break out to $92,000. He believes this is likely because the asset historically sees at least a 40% movement whenever it surpasses the 50-day simple moving average. He also predicted a 71% increase in the coming months. 
In another post, analyst Michael van de Poppe <a href="https://x.com/Washigorira/status/1835265290831089749" target="_blank" rel="noopener" data-wpel-link="external">mentioned</a> that it might stay in a consolidation phase for now, with a potential bullish breakout occurring by the end of the month or early October.&nbsp;However, macroeconomic factors could still influence the market despite the current sentiment among investors. 
<h2 id="liquidations-and-market-decline">Liquidations and Market Decline</h2> 
The cryptocurrency market, however, witnessed a downturn earlier today, ahead of a crucial Federal Open Market Committee (FOMC) meeting set for later this week. The U.S. Federal Reserve is <a href="https://cryptopotato.com/big-week-ahead-for-crypto-as-markets-tank-ahead-of-fed-rate-decision/" target="_blank" rel="noopener" data-wpel-link="internal">expected</a> to discuss potential interest rate cuts, which could impact global financial markets, including cryptocurrencies. 
According to CoinGlass<a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener" data-wpel-link="external"> data</a>, over $178 million in positions were liquidated in the past 24 hours, marking a 292% increase on a daily basis. Bullish traders holding long positions experienced the most losses, with $153 million being wiped out. 
Ethereum and Bitcoin led in the liquidations, with the former experiencing $55 million and the latter following with $35 million. The largest single one, worth $2 million, occurred on the OKX exchange. 
CoinGecko <a href="https://www.coingecko.com/" target="_blank" rel="noopener" data-wpel-link="external">data</a> shows that the global crypto market capitalization has also fallen by 3.7% over the last 24 hours, standing at $2.13 trillion. Bitcoin’s price has also dropped by 3% in the last 24 hours, trading below $58,000. However, the asset’s daily trading volume has registered an uptick of 106.28%, and is standing at $27.36 billion. 
The post <a href="https://cryptopotato.com/will-bitcoin-skyrocket-to-new-ath-as-this-crucial-metric-falls-to-8-year-low/" rel="nofollow">Will Bitcoin Skyrocket to New ATH as This Crucial Metric Falls to 8-Year Low?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Will Bitcoin Skyrocket to New ATH as This Crucial Metric Falls to 8-Year Low?

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