{"id":496484,"date":"2022-07-22T18:49:08","date_gmt":"2022-07-22T18:49:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=496484"},"modified":"2024-06-11T14:21:49","modified_gmt":"2024-06-11T14:21:49","slug":"bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\/","title":{"rendered":"Bitcoin Balance On Exchanges Soars, BTC Price Displays Weakness At $23K"},"content":{"rendered":"<p>Bitcoin has been unable to break above key resistance levels at around $23,000. As a consequence, the cryptocurrency has been moving sideways over the past two days while preserving some of its gains over the past week.<\/p>\n<p>The slowdown in bullish momentum coincides with an increase in asks (sell orders) liquidity for BTC\u2019s price above its current levels and a spike in BTC\u2019s supply inflows on crypto exchange platforms. On short timeframes, there are over $70 million in sell orders for Bitcoin from $23,000 to $24,000.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<\/strong><strong><a href=\"https:\/\/ktsl888.com\/altcoin\/crypto-market-on-the-mend-apecoin-and-curve-dao-show-gains\/\" target=\"_blank\" rel=\"noopener \">Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains<\/a><\/strong><\/p>\n<p>These levels seem poised to continue operating as resistance while the price of Bitcoin continues to push to the upside. BTC\u2019s price has been tapping into the immediate zone at $23,100, but data from Material Indicators records $18 million in selling orders at this level alone.<\/p>\n<p>As seen below, BTC\u2019s price is seeing less liquidity below its current levels with big liquidity gaps at key levels. This could hint at high volatility to the downside if BTC continues to lose momentum and can\u2019t break above $24,000 in the short term.<\/p>\n<figure id=\"attachment_496486\" aria-describedby=\"caption-attachment-496486\" style=\"width: 722px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-496486 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-1.png?resize=722%2C375\" alt=\"Bitcoin BTC BTCUSDT MI 1\" width=\"722\" height=\"375\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-1.png?w=722 722w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-1.png?w=460 460w\" sizes=\"(max-width: 722px) 100vw, 722px\"><figcaption id=\"caption-attachment-496486\" class=\"wp-caption-text\">BTC&#8217;s price (blue line on the chart) faces high ask orders (yellow and red above price) around current levels for short timeframes. Source: Material Indicators<\/figcaption><\/figure>\n<p>In addition, Material Indicators records an increase in selling pressure from investors with sell orders above $100,000. These investors were accumulating BTC over the past week exercising a lot of influence on the price action.<\/p>\n<p>As the chart below shows, these investors (in purple below) have begun selling into the current price action. In this timeframes, it seems too early to conclude if this trend will continue and if it will have a negative impact on BTC\u2019s price.<\/p>\n<figure id=\"attachment_496487\" aria-describedby=\"caption-attachment-496487\" style=\"width: 722px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-496487 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-2.png?resize=722%2C375\" alt=\"Bitcoin BTC BTCUSDT MI 2\" width=\"722\" height=\"375\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-2.png?w=722 722w, https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-MI-2.png?w=460 460w\" sizes=\"(max-width: 722px) 100vw, 722px\"><figcaption id=\"caption-attachment-496487\" class=\"wp-caption-text\">Large BTC investors (purple on the chart) sell Bitcoin over the past day. Source: Material Indicators<\/figcaption><\/figure>\n<p>Analyst Ali Martinez <a href=\"https:\/\/twitter.com\/ali_charts\/status\/96776192\" target=\"_blank\" rel=\"noopener nofollow\">concurred<\/a> with the data shown above. Via Twitter, Martinez showed data on the spike in selling pressure from BTC whales and miners with a decline in the number of addresses with over 1,000 BTC and a 1% decline in the Bitcoin held by addresses associated with miners.<\/p>\n<h2>Bitcoin Supply On Exchanges Rises, Hints At Further Weakness?<\/h2>\n<p>Further data provided by Ali Martinez records an increase in the Bitcoin held by crypto exchange platforms. This metric is considered bearish as these BTCs are often unloaded into the market.<\/p>\n<figure id=\"attachment_496488\" aria-describedby=\"caption-attachment-496488\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-496488 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/Bitcoin-BTC-BTCUSDT-2.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-496488\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UJ6TlxFV\/?symbol=BINANCE%3AETHUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT Tradingview<\/a><\/figcaption><\/figure>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\/\" target=\"_blank\" rel=\"noopener \">Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?<\/a><\/strong><\/p>\n<p>Since July 12, the analyst said, there has been a spike of 27,000 BTC or $621 million sent to these venues. Martinez commented the following on these metrics:<\/p>\n<blockquote><p>The increase in open interest combined with a decline in network growth and rising selling pressure from whales and miners suggests that the recent Bitcoin price action is driven by leverage. These network dynamics increase the probability of a steep correction.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been unable to break above key resistance levels at around $23,000. As a consequence, the cryptocurrency has been moving sideways over the past two days while preserving some of its gains over the past week. The slowdown in bullish momentum coincides with an increase in asks (sell orders) liquidity for BTC\u2019s price above its current levels and a spike in BTC\u2019s supply inflows on crypto exchange platforms. On short timeframes, there are over $70 million in sell orders for Bitcoin from $23,000 to $24,000. Related Reading |\u00a0Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains These levels seem poised to continue operating as resistance while the price of Bitcoin continues to push to the upside. BTC\u2019s price has been tapping into the immediate zone at $23,100, but data from Material Indicators records $18 million in selling orders at this level alone. As seen below, BTC\u2019s price is seeing less liquidity below its current levels with big liquidity gaps at key levels. This could hint at high volatility to the downside if BTC continues to lose momentum and can\u2019t break above $24,000 in the short term. In addition, Material Indicators records an increase in selling pressure from investors with sell orders above $100,000. These investors were accumulating BTC over the past week exercising a lot of influence on the price action. As the chart below shows, these investors (in purple below) have begun selling into the current price action. In this timeframes, it seems too early to conclude if this trend will continue and if it will have a negative impact on BTC\u2019s price. Analyst Ali Martinez concurred with the data shown above. Via Twitter, Martinez showed data on the spike in selling pressure from BTC whales and miners with a decline in the number of addresses with over 1,000 BTC and a 1% decline in the Bitcoin held by addresses associated with miners. Bitcoin Supply On Exchanges Rises, Hints At Further Weakness? Further data provided by Ali Martinez records an increase in the Bitcoin held by crypto exchange platforms. This metric is considered bearish as these BTCs are often unloaded into the market. Related Reading |\u00a0Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700? Since July 12, the analyst said, there has been a spike of 27,000 BTC or $621 million sent to these venues. Martinez commented the following on these metrics: The increase in open interest combined with a decline in network growth and rising selling pressure from whales and miners suggests that the recent Bitcoin price action is driven by leverage. These network dynamics increase the probability of a steep correction.<\/p>\n","protected":false},"author":535,"featured_media":495564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-496484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Balance On Exchanges Soars, BTC Price Displays Weakness<\/title>\n<meta name=\"description\" content=\"Bitcoin has been unable to break above key resistance levels at around $23,000, and seems poised for a re-test of lower levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/ktsl888.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Balance On Exchanges Soars, BTC Price Displays Weakness","description":"Bitcoin has been unable to break above key resistance levels at around $23,000, and seems poised for a re-test of lower levels.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Balance On Exchanges Soars, BTC Price Displays 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Balance On Exchanges Soars, BTC Price Displays Weakness At $23K","url":"http:\/\/ktsl888.com\/news\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?fit=970%2C647"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-07-22T18:49:08Z","datePublished":"2022-07-22T18:49:08Z","dateModified":"2024-06-11T14:21:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Balance On Exchanges Soars, BTC Price Displays Weakness At $23K\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-balance-on-exchanges-soars-btc-price-displays-weakness-at-23k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-8.jpeg?fit=970%2C647\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-07-22T18:49:08Z\",\"datePublished\":\"2022-07-22T18:49:08Z\",\"dateModified\":\"2024-06-11T14:21:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?fit=970%2C647","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/496484"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=496484"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/496484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/495564"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=496484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=496484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=496484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}