{"id":526593,"date":"2023-04-12T11:30:37","date_gmt":"2023-04-12T11:30:37","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=526593"},"modified":"2024-06-11T08:39:52","modified_gmt":"2024-06-11T08:39:52","slug":"bitcoin-slowdown-at-30000-only-temporary-heres-why","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-slowdown-at-30000-only-temporary-heres-why\/","title":{"rendered":"Bitcoin\u2019s Slowdown At $30,000 Only Temporary, Here\u2019s Why"},"content":{"rendered":"

After seeing an explosive start to the week and breaking above $30,000 for the first time in over nine months, Bitcoin has begun to cool out price-wise. However, this cooldown that has dragged its price below $30,000 once more could only end up being a short stop as indicators point to more bullish movements to come.<\/p>\n

Bitcoin Investors Are Still Accumulating<\/h2>\n

Despite the drawdown in price, it has not deterred Bitcoin investors from filling up their bags. A notable example of this was a large BTC transaction that was recorded on Tuesday. The transaction<\/a> carried a total of 23,500 BTC worth over $710 million to a single receiver, making it the fourth-largest transaction of the year. Interestingly, this transaction was not made to an exchange, but rather to a large BTC holder, pointing to accumulation.<\/p>\n

Related Reading: Ethereum Addresses In Profit Touches 11-Month High Ahead Of Shapella Upgrade<\/a><\/div>\n

Centralized exchange net flows are also pointing to accumulation among investors. Glassnode reports that there was a total of $1.2 billion in BTC flowing out of exchanges in the last 24 hours<\/a>. Such trends where investors are moving their coins out of exchanges always point to a long-term hold mentality which is usually bullish for the price of the digital asset.<\/p>\n

\"Bitcoin<\/p>\n

BTC sending addresses drop to 11-month low | Source: Glassnode<\/a><\/pre>\n
Investors are also moving their coins around at a much lower rate the number of sending BTC addresses on a 7-day moving average dropped to a new 11-month low. All of these indicate that investors are choosing to hold their coins to wait for better price headwinds.<\/p>\n
Crypto Market Gripped By Greed<\/h2>\n
In addition to the accumulation trend, the Bitcoin Fear & Greed Index also shows that investors are still very bullish in the market. The index is currently sitting at a score of 65 which indicates high levels of greed in the market. While greed can sometimes be a precursor of a downward correction, the index has maintained this level for the last week, and it is yet to reach the \u2018Extreme Greed\u2019 territory that usually marks the peak of a rally.<\/p>\n
\"Bitcoin<\/p>\n
BTC recovers above $30,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
With such positive sentiment, investors are more likely to purchase the digital asset as euphoria sets in and more people expect the digital asset\u2019s price to continue to climb. As long as this bullish sentiment continues to hold, then support will mount at $30,000, giving BTC the boost it needs to take on $35,000.<\/p>\n
Related Reading: Why Is Ethereum (ETH) Still Trading Below $2,000?<\/a><\/p>\n
At the time of writing, BTC is trending at $30,030 after falling to the $29,000 level briefly. Despite reclaiming $30,000 though, the asset is still feeling the effect of the drawdown as it saw a 29% decline in trading volume over the last day.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
After seeing an explosive start to the week and breaking above $30,000 for the first time in over nine months, Bitcoin has begun to cool out price-wise. However, this cooldown that has dragged its price below $30,000 once more could only end up being a short stop as indicators point to more bullish movements to come. Bitcoin Investors Are Still Accumulating Despite the drawdown in price, it has not deterred Bitcoin investors from filling up their bags. A notable example of this was a large BTC transaction that was recorded on Tuesday. The transaction carried a total of 23,500 BTC worth over $710 million to a single receiver, making it the fourth-largest transaction of the year. Interestingly, this transaction was not made to an exchange, but rather to a large BTC holder, pointing to accumulation. Related Reading: Ethereum Addresses In Profit Touches 11-Month High Ahead Of Shapella Upgrade Centralized exchange net flows are also pointing to accumulation among investors. Glassnode reports that there was a total of $1.2 billion in BTC flowing out of exchanges in the last 24 hours. Such trends where investors are moving their coins out of exchanges always point to a long-term hold mentality which is usually bullish for the price of the digital asset. BTC sending addresses drop to 11-month low | Source: Glassnode Investors are also moving their coins around at a much lower rate the number of sending BTC addresses on a 7-day moving average dropped to a new 11-month low. All of these indicate that investors are choosing to hold their coins to wait for better price headwinds. Crypto Market Gripped By Greed In addition to the accumulation trend, the Bitcoin Fear & Greed Index also shows that investors are still very bullish in the market. The index is currently sitting at a score of 65 which indicates high levels of greed in the market. While greed can sometimes be a precursor of a downward correction, the index has maintained this level for the last week, and it is yet to reach the \u2018Extreme Greed\u2019 territory that usually marks the peak of a rally. BTC recovers above $30,000 | Source: BTCUSD on TradingView.com With such positive sentiment, investors are more likely to purchase the digital asset as euphoria sets in and more people expect the digital asset\u2019s price to continue to climb. As long as this bullish sentiment continues to hold, then support will mount at $30,000, giving BTC the boost it needs to take on $35,000. Related Reading: Why Is Ethereum (ETH) Still Trading Below $2,000? At the time of writing, BTC is trending at $30,030 after falling to the $29,000 level briefly. Despite reclaiming $30,000 though, the asset is still feeling the effect of the drawdown as it saw a 29% decline in trading volume over the last day. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":526596,"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":[428,679,1119,1144,78790],"class_list":["post-526593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin\u2019s Slowdown At $30,000 Only Temporary, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"After seeing an explosive start to the week and breaking above $30,000 for the first time in over nine months, Bitcoin has begun to cool out price-wise.\" \/>\n<meta name=\"robots\" content=\"index, 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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