In this Bitcoin update, we naturally look at the live Bitcoin price and the prices of the top 25 crypto. Then we analyze which Bitcoin key price is currently ruling the market and what notable trends we see among the whales. Finally, we look at what rumblings are taking place beneath the surface.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto drop
We see at the time of writing that the live Bitcoin price is quoting EUR 19,600.87 ($20,637.68. This is 2.54% lower than yesterday around this time and also lower than during our BTC lunch we published a little earlier yesterday.
The prices of the top 25 crypto are also falling. The biggest loss is at -5.13% for Cardano (ADA). How that came about we discussed last night. There are some crypto that do make gains as the exception to the rule. The biggest exception is Shiba Inu (SHIB), which is up +15.82%. On the Tradeincrypto.com site you can analyze all live crypto prices.
Bitcoin to or from the exchange? Whales go against the trend
When investors are bullish and speculating on a price forecast they move their BTC from accounts at crypto exchanges to their own wallets. This is seen as bullish by the market, as they then wait for future price increases. Anyone looking at the Glassnode on-chain metrics should therefore be pleased to see that $2 billion worth of BTC disappeared from exchanges in the past week.
What is striking about this is that the whales are reacting in the opposite way. In the past few days they have sent more than 50,000 BTC to the crypto exchanges. This, in turn, is an indication that prices may be falling.
This is what’s rumbling beneath the BTC surface
Where we often focus on the analyses that are supposed to determine the BTC price, the market sometimes seems to forget that numbers of transactions can say a lot about the popularity of the coin. Meanwhile, we see that the number of transactions has increased in the past week despite the poor price developments.
Further analysis shows that this is particularly due to usage in African countries. There people do see Bitcoin as a protection against inflation. Some currencies fell as much as 50% against the dollar. Moreover, people are not too worried about the price drop. Investors expect it to correct quickly.
This key Bitcoin price determines the BTC price in the short term
During the course of last night the BTC price shot back below $20,000 for a while, but a rebound soon followed. If we look at the opinions of experts we see that they are divided.
We also notice that they all point to an important key price. This is the support level at $19,416, or the highest point of the bull run in 2017. As long as Bitcoin stays above that, there is a chance to reverse the bear trend. One sees confirmation of this if the price stabilizes above $21,068. A further rise to $23,000 is then possible.
Otherwise, after this key support disappears, there is still a support level at $17,924, after which a further price drop could follow.
In the analysis below you can see the scenarios.
So it remains exciting for Bitcoin and we will continue to monitor developments. Will you too?
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”