At the beginning of June, there was a clear round of depression in the return of Bitcoin. The data show that short-line holders transferred more than 80,000 BTCs to currency, estimated at about $5 billion at current prices, indicating that some of the funds were being centralized.
The pressure came from the short-line hold.
The core of the wheel came from short-term currency holders. Such accounts tend to be more sensitive to price fluctuations and tend to exacerbate short-term fluctuations by making it easier to stop losses or concentrate when markets fall rapidly.
The article mentions that the bitcoins that flowed into the currency appeared at the beginning of June, when the point of time coincided with the market fall. An increase in exchange inflows is often seen as a signal of an increase in potential sales pressure.
Bitcoin was tested for $60,000.
In this round of adjustments, bitcoin has fallen by more than 28 per cent over the height of May and tested the level of $60,000 at one time. Prices are fast backsliding and market risk preferences are significantly cooling.
- Transition to currency: over 80,000 BTCs
- Corresponding amounts: approximately $5 billion
- Price retreat: 28 per cent higher than May
Emotional indicators dropped by 10.
At the same time, the fear and greed index has fallen 10, reflecting a marked weakening of investor sentiment. The very low level of the indicator usually means that the market is in a state of great caution or even panic.
The concentration of short-line holders is of concern because such funds often accelerate market volatility during periods of decline. If bitcoin is tested again for key supporting positions, the market will observe whether the inflow of exchanges continues to increase.