BTCUSD course forecast from 20 to 26 June

Cryptocurrencies were subjected to a liquidity deficit inherent in crypto space, it led to a sharp drop in cryptocurrency prices before increasing the rate of the Fed on Wednesday. This time, the reason was the elimination of major positions belonging to the famous cryptocurrency hedge fund, which led to the spread of infection to several Defi platforms. “Shit began to get into the fan” last Monday, even before the start of trading in the US markets.

As soon as the Asian markets opened a week, active sales began, since large volumes of BTC and ETH were sent to exchanges for sale.

The liquidation in the futures markets amounted to more than $ 1.3 billion, since during the volatility during the fall of prices last Monday, both long and short positions were liquidated.

The events of the last week developed so that on Tuesday the influx of BTC on the exchange reached a 3.5-year-old maximum-more than https://gagarin.news/ua/news/the-bank-of-england-insists-on-strict-crypto-regulations/ 59,000 BTC units sent to exchanges for sale.

OnChain data showed that some of these revenues were old coins, which means that some of the exchange revenues were coins belonging to long -term holders. Verification of long -term holders shows that about 50% of long -term holders dump their coins, thereby providing about 0.007% of BTC market loss per day.

This sale by long -term holders approaches the level of March 2020 and is the first major event of the surrender of long -term holders in the current cycle. However, a comparison of the current situation with previous bear markets suggests that even more discharges can occur before the real bottom to reach this bottom. In accordance with the data received, it may be necessary to reset about 80% of the old coins before we see the real bottom of the market.

Therefore, traders reasonably fear that in the coming days and weeks in BTC the pressure from sellers will increase.

An example of this concern was the largest BTC tributary of BTC in history on Wednesday: miners sent more than 88,000 BTC for various exchanges for a total of about $ 1.94 billion. This number is even more than a historical maximum of 83,481 unit BTC, which entered exchanges at the end of 2018. In the bear market of 2018, the price of BTC rolled back by 50% and reached the bottom of its cycle at $ 3,100 about a month after this particularly large influx.

Judging by such large volumes of translations, it is obvious that miners are stressful due to a sharp drop in prices and try to get rid of as many BTC as possible at the highest possible price in order to cover their costs for production.

This material is not a financial advice and brings only familiarization information.

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