The latest Glassnode alert revealed that the amount of Bitcoin supply last active in the last two-three years just soared to a 2-year high.
Whales were trimming their balances since mid-April according to the addresses with balances equal to and greater than 1000 BTC.Meanwhile, futures long liquidations increased since mid-April but dropped off from 21 April. Why is this important? Well, the initial surge in liquidations may have fueled more sell pressure as leverage traders were forced to sell.BTC exchange inflows have dominated compared to outflows since mid-month.
This was a sign that demand was starting to outweigh sell pressure. But does this reflect the price action?Bitcoin’s $27,557 press time price hovered above its 50-day moving average which may act as a psychological buy zone. But is a strong bounce-back possible at this point? Yes, but so is the possibility of an extended downside.. Its latest pullback since mid-April came after the price retested the ascending resistance line indicated in the chart below.
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