Bitcoin miners again began actively withdrawing bitcoins from pool wallets, which could portend a rapid increase in the volatility of the first cryptocurrency.
how notes analyst Cole Garner, yesterday the largest outflow of bitcoins from pool wallets was recorded from the time when the price last went up to $ 10,000 more than a month ago. The previous time, such an outflow preceded a short-term cryptocurrency rate drop below $ 9,000.
“I expect large sales very soon,” Garner wrote, adding later: “Perhaps this is an over-the-counter transaction because it does not seem like the flows went to exchanges. I would be more worried if they went to exchanges. In any case, the movement of large volumes of coins by miners has never been a positive sign. ”
Bitcoin grew in the afternoon of Tuesday, but could not overcome the level of $ 9,700 and from it sharply dropped to $ 9,550 this morning. This happened simultaneously with the fall of the futures on the S&P 500 stock index, with which Bitcoin remains highly correlated.
At the same time, CryptoQuant CEO CryptoQuant Ki Young Joo notes that the “whales” or large holders in the previous segment were withdrawing coins from exchanges, and sees this as a bullish sign.
“The bull market usually begins 4 months after the average value of the withdrawal of assets from exchanges reaches an annual maximum. When whales are active, this usually means the stage of accumulation. Judging by the latest data, the bull market should come in mid-July, ”he says.
In general for almost two months now, bitcoin has been trading in a narrow channel between $ 9,000 and $ 10,000. The last time such a fall in volatility was observed in October 2019. Then the price of cryptocurrency experienced a decrease from $ 8,000 to $ 7,300, after which it rose sharply to $ 10,350 in a few days. In other words, the growth rate for 9 days amounted to $ 2,350.
Similar events took place in January 2020 and April 2019. In both cases, the price rose. However, long-term consolidation as such is not a technical signal for a further rise. But can only portend large-scale upcoming movement cases. Where the price of bitcoin fell against the background of achieving minimal volatility is also known to the market.