Daily Bitcoin On-Chain Snap #19
Recent Dip in BTC attributed to large transfer of 3900 BTC to exchanges
During the Asia session, there was a large transfer of 3900 BTC ($220m) to exchanges. The transfer value correlates closely with the amount of sell volume observed at the time, as price came down from 57K to 55K. As mentioned, downside volatility continues to be capped, given the declining interest in bitcoin-margined instruments on exchanges and HODLing behavior by long-term holders.
Bullish Breakout Pattern Observed for BTC with Golden Cross
The Golden Cross is a technical chart pattern that indicates the potential for a major rally. The golden cross appears on a chart when an asset’s short-term moving average (50-day MA) crosses above its long-term moving average (200-day MA). As such, the Golden cross pattern was observed in mid-September, which coincided with the local bottom at month-end and the 40% rally during the first week of October.