Technically speakingBTC\/USD: Relief or disbelief?Bitcoin is neutrally traversing in a range after an extended period of extremely negative sentiment and sustained downwards momentum.A key question is whether this is a disbelief rally (where the market doubts the new bull trend) or simply a bearish relief rally within a larger downtrend.On Monday, we charted levels of interest for sidelined bulls to accumulate bitcoin in anticipation of a potential exit from the range towards $50,000-$52,0000. This analysis has not changed.As such, we\u2019ll turn our attention to key on-chain data.Exchange Outflows spikeThe exchange net position change data point maps out the rate of coins flowing in (green) or out (red) of all exchanges. In the last 7 days, we saw extremely large volumes of coins flow out of exchanges, comparable to the peak outflows seen in November 2020.In fact, the rate hit over 100,000 Bitcoin per month in outflows this week. One likely reason for the increase in exchange outflows is due to increasing regulatory concerns over Binance. However, overall (net), these coins are not making their way to other exchanges.Balance on Exchanges Reaches 2021 lowsThis is evidenced by the steep drop of the aggregate balance still held on exchanges, for which holding have returned to the 2021 lows of circa 13% of the circulating supply.This represents a near full rewind of the massive inflows in volumes observed during the May capitulation.Meanwhile, Bitcoin entities\u2019 net growth spiked to never seen before levels (7-day moving average), as noted by on-chain analyst Lex Moskovski on Twitter. The rate of growth for network participants has never been this high, surpassing both the 2017 peak and figures from the most recent all-time high. The distinction between \u2018entities\u2019 and \u2018wallet addresses\u2019 is noteworthy here since \u2018entities\u2019 are a far more accurate metric for organic network growth than individual\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Technically speakingBTC\/USD: Relief or disbelief?Bitcoin is neutrally traversing in a range after an extended period of extremely negative sentiment and sustained downwards momentum.A key question is [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/5096"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=5096"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/5096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=5096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=5096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=5096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}