Bitcoin’s price drop on June 28 was crucial for the leading cryptocurrency. The move erased all bullish upticks recorded within the previous week and sent the bellwether crypto back to the Three Arrows Capital slump valuations. However, does that imply a slight slump or severe pullbacks?
Bitcoin Action
While publishing this content, Bitcoin hovered at $20K again, and some market participants appear familiar with such tendencies. Meanwhile, the crypto stayed beyond this market within the past seven days. The broad crypto market was printing significant recoveries until the June 28 dip.
The past 24 hours saw Bitcoin losing 5%. CoinShares’ data shows BTC’s exchange outflows accounted for about $453 million within the previous week.
However, that has erased all inflows recorded within the last six months. Moreover, CryptoQuant’s update shows flourishing exchange inflows toward Coinbase from various BTC owner age bands.
The highest contribution came from the 6 – 12-month cohort, which accounted for 3.1K Bitcoin holdings. Moreover, the three – 5-year and 12 – 18 month bands held 200 $BTC each. The recent data indicate an increase in BTC network transaction volume.
That could have relieved the stunted traders, but that isn’t the scenario. As highlighted above, the crypto market sees increasing FUD, and Bitcoin remained a crucial gear in the market wheel.
Glassnode’s tweet showed 7d MA Outflow Volume hit 19-month lows at $30,517,649. That has worried investors as exchange inventories stacked up. Meanwhile, investors met an intimidating moment during the latest crypto talk by Gary Gensler. The SEC Chair told Financial Times about the need for a 1-rule book for cryptocurrency regulations.
Such narratives had investors searching for profitable opportunities that depend on the market condition. For now, only time can tell whether the overall crypto space will recover soon.
Meanwhile, bears dominate the cryptocurrency industry, triggering further losses within the past day. While writing these lines, the overall crypto market capitalization stood at $889.11 billion, losing 1.56% within the previous day. Also, Bitcoin traded weakly at $20K and might slide lower in the coming hours.
What are your views about BTC’s reactions? Should the $20K value area be our new normalcy? You can comment below.