Although several bulls did show some force in the early hours of crypto trading, the price of Bitcoin was still pinned under $35K. This resistance value has held on to the cryptocurrency which makes the latter unable to flip its moving average price over 20 days to either secure or support the daily close of the token.
According to data that has been sent from TradingView as well as Cointelegraph Markets Pro, the price of BTC has moved in a range between the sums of $33,850 and $35,000 ever since it rallied to a high of $35,400 on the 28th of June. The resulting fallout has been a direct inference from the crackdown on BTC mining firms in China- which has continued to influence the entire crypto market.
The actions of the Chinese government have been farfetched. Not only has the government managed to turn the mining ecosystem of Bitcoin on its head, but they have also harmed the local cryptocurrency exchanges. The result has been the decline of BTCChina. The country has also managed to ban crypto derivatives from trading amongst the Huobi exchange users.
Bitfinex Bitcoin Flows Come Into Focus While The Selling Continues
Glassnode records that the downside to this incessant price action over the last week has created a situation of panic for both holders along with the long and short term. This has since then been demonstrated by the volatility shown in LTH-SOPR coupled with a series of deep capitulations in STH-SOPR.
The data company mentioned that there were several insights provided by CryptoQuant which highlighted the inflows and outflows of Bitcoin at Bitfinex which could be used to gauge the developments taking place in the cryptomarket.
According to the analysis from CryptoQuant, the market has been seen as a relatively high derivative in order to spot the flow in Bitcoin. This is going to be seen as a change that implies a major turning point in the crypto market.
