Bitcoin saw declines after the $ 41,000 level it saw in January and has not yet risen to the same level again. With the statements of Elon Musk on Twitter, it is discussed that there are some bullish signals for the crypto money, which is seeing an increase in half an hour. The statement that the strongest bullish signal for Bitcoin was seen came from the CEO of CryptoQuant.
CEO Ki Young Ju made statements on the Coinbase indicator he followed for the price of bitcoin. Emphasizing that btc moved from Coinbase to cold wallets meant that over-the-counter markets (OTC) were traded, Young Ju showed that the bulls may have moved again. Stating that 15 thousand bitcoin outputs were made at 32 thousand dollars, the CEO stated that the issued btc’s were sent to custody accounts.
“It seems institutional investors are trading OTC. This is a very strong bullish signal for bitcoin. ”
It is not possible to say that these bitcoins are used for OTC transactions with certainty. However, it can be seen that the transaction made is different from other transactions on Coinbase. The amount of bitcoins sent and the ability of Coinbase Custody to be used for OTC purposes makes it possible for them to be OTC transactions.
4 thousand 400 btc was purchased
Young Ju shared the transactions showing that thousands of bitcoins were purchased on Twitter. When the bitcoin transfer transactions are examined, it is seen that large amounts of bitcoin are purchased such as 4 thousand 400, thousand 100, thousand 200. Similar transactions have taken place at regular intervals since December 23.
Drew attention to this price level
Saying that Stablecoin reserves are on the rise, Young Ju expressed that he expects bitcoin to maintain the level of 33 thousand dollars in the short term. Stating that the price rose by 3% afterwards, the CEO stated that stablecoins may have been used in the bull trap.
Latest situation in Bitcoin
With a market value of $ 622 billion, bitcoin has seen an increase of 3.4% in the last week. With its dominance (BTC.D) at 63, the coin saw a transaction volume of $ 48 billion. The current price is at the level of 33 thousand dollars.