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Resilience of cryptocurrency Bitcoin is alive, All Exchanges Inflow Mean is at the highest level since the temporary corona shock

Cryptocurrency market and BTC (Bitcoin)

10th crypto asset (virtual currency) market.
Bitcoin (BTC) price will remain at 1.923 million yen ($ 184,00), up 1.3% from the previous day.

BTC fell below $ 18,000 after 17:00 on the 9th and plummeted to $ 17,650, a fib 23.6% push level. After that, there was a reaction to overheating, and the price rebounded by $ 1,000. The major Alto, which had been pushed by profit taking and widened the rate of decline, are also showing a rebound all at once. As far as the strength of bargain buying is seen, a certain level of resilience is alive and well.

Excessive liquidity due to monetary easing has been pointed out, such as the Dow Jones Industrial Average hitting a record high of $ 30,000 due to expectations for a global economic recovery due to the commercialization of the new corona vaccine by pharmaceutical companies such as Pfizer. Investors’ “risk-friendly attitude” has not diminished. On the other hand, in some emerging markets such as Mothers, which has been weak since mid-October, there are some movements to withdraw funds.

In the view of Maksimenka, CEO of global payments platform PlasmaPay, if $ 17,600 is defended, the bullish Elliott wave will rise again to try the $ 21,000 resistance line. ” Assuming that the market has entered a bear market, it is shown as follows.

“If it falls below yesterday’s low of $ 17,600, it could be pushed back to $ 16,000. At the same level, the pitchfork Median Line should act as a support.”

At the return selling level, it is expected that selling pressure will increase, so it is unlikely that the market will be bullish.

Resilience of cryptocurrency Bitcoin is alive, All Exchanges Inflow Mean is at the highest level since the temporary corona shock 13

BTC / USD

Status of inflow of funds to the exchange

According to Ki Young Ju, CEO of data research firm CryptoQuant, the inflow of funds to crypto exchanges at All Exchanges Inflow Mean (7d MA) has hit a level for the first time in eight months since the Corona shock in March this year.

All Exchanges Inflow Mean shows the activity of whales from a longer-term perspective (7-day moving average). In the long run, it shows the continuation of the bull market.

Analyzing on-chain data over the last three years, if the average deposit on all exchanges rises to around 2.0 BTC, it can be one of the “buy signals” to see if it happens several times a year. On the contrary, if the average deposit amount is less than 0.5 BTC, it can be regarded as a “sell signal”.

“Large investors (whales) aren’t enthusiastic about selling, and we’re looking at the timing of revitalization of small individual investors,” said Ki Young Ju. “The indicator also suggests a point of bargain buying, and on November 10, when it was in the $ 15,000 range, the indicator rise was confirmed ahead of the subsequent BTC rise,” he emphasized its usefulness. did.

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Resilience of cryptocurrency Bitcoin is alive, All Exchanges Inflow Mean is at the highest level since the temporary corona shock 14

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