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Bitcoin: What can help the ailing king as prices decline yet again?

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Bitcoin exchange behavior could aid in anticipating the next price movement as BTC prices start to decline. Long positions get liquidated, hurting optimistic traders.

When analyzing the average withdrawal price of all exchanges , Bitfinex’s cost basis was 10,000. This means that on average, the Bitcoin they held was acquired at a price of around $10,000 per Bitcoin.

During the 2017 bull run, Bitfinex’s exchange balance surged from 11K to 370K BTC, and then coins were withdrawn at a similar amount and pace during the bear market. Similarly, during the 2021 bull run, coins were being offloaded at a comparable pace. In anticipation of a future bull run in the next 18-24 months, looking at Bitfinex’s exchange balances would be pivotal.Coming to trader behavior, it was seen that Open Interest in Bitcoin had started to rise incrementally. The reason for the surge in OI was due to the fact that BTC had dipped below $29,000.Many traders were optimistic about BTC’s future and had gone long on the cryptocurrency.

 

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