Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'

Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'

Bitcoin (BTC) touched $40,370 on July 26 as a solid day of gains saw the return of a major price milestone. BTC/USD 1-minute candle chart (Bitstamp). Source: TradingViewBTC price daily gains near 20%Data from Cointelegraph Markets Pro and TradingView showed BTC/USD touching $40,400 before consolidating nearby later on Monday.The pair had held on to previous gains from the night before throughout the day, circling $38,000 before another surge took hold after the Wall St. open.Amid some understandable

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Traders are withdrawing 2,000 BTC from centralized exchanges daily

Traders are withdrawing 2,000 BTC from centralized exchanges daily

The number of Bitcoin held on centralized exchanges has consistently fallen since late May, with roughly 2,000 BTC (worth roughly $66 million at current prices) flowing out of exchanges daily.Glassnode’s July 12 Week On-Chain report found that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April, the month that saw BTC blast to its all-time high of roughly $65,000.The researchers noted that during the bull run leading up to this

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Data fails to conclude that Bitfinex shorts are depressing Bitcoin price

Data fails to conclude that Bitfinex shorts are depressing Bitcoin price

One of the most common errors traders make when analyzing cryptocurrency markets is taking an exchanges’ bid and ask data and traded volumes at face value. When doing this type of analysis, the trader has to exclude the trading venues mentioned on multiple ‘fake trading volumes’ reports, like the one Bitwise published in March 2019.There’s really no way to know if the top exchanges inflate their volumes by granting special access and zero fees for

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Bad call? Bitfinex bears closed a block of Bitcoin shorts before the drop below $32K

Bad call? Bitfinex bears closed a block of Bitcoin shorts before the drop below $32K

Bitcoin price is still in a rut, trading near $33,000 and trapped in a downtrend that just seems to get worse with the passing of each day. As the price slumps, analysts have consulted with several technical and on-chain metrics to explain the price collapse, but none of these have picked up on the exact reason. One area of interest has been the sharp rise in short positions at Bitfinex in the past week. Traders are

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