Investors have been selling bitcoin for the past week, according to on-chain data. Meanwhile, ether’s daily trading volumes have consistently outpaced BTC’s.
Bitcoin (BTC) trading around $35,987 as of 21:00 UTC (4 p.m. ET). In the red 2.5% over the previous 24 hours.
Bitcoin’s 24-hour range: $35,754-$37,833 (CoinDesk 20)
Ether (ETH) trading around $2,549 as of 21:00 UTC (4 p.m. ET). Losing 3.2% over the previous 24 hours.
Ether’s 24-hour range: $2,532-$2,734 (CoinDesk 20)
Bearish bitcoin signal
Bitcoin’s hourly price chart on Bitstamp since May 29.
Source: TradingView
Bitcoin, the world’s largest cryptocurrency by market capitalization, was below the 10-hour moving average and the 50-hour as the two indicators are closing in on each other, a bearish signal for market technicians.
BTC’s price slid from $37,833 at 01:00 UTC (9 p.m. ET Monday) to as low as $35,816 by 17:15 UTC (1:15 p.m. ET) Tuesday, a 5.3% tumble based on CoinDesk 20 data, before rising to $35,987 as of press time.
“Bitcoin is newly oversold from an intermediate-term perspective,” said technical analyst Katie Stockton in her weekly Fairlead Strategies investor note.
Oversold BTC conditions
The past weekend saw the lowest number of bitcoin transfers from exchanges in 2021. On Sunday, May 30, the flow bottomed out at 33,393 daily transfers, according to data aggregator Glass node. It’s the first time this year fewer than 35,000 transfers were made from exchanges in a day.
Bitcoin transfers from exchanges in 2021.
Source: Glassnode
In contrast is the high transfer volume to exchanges in the past month, particularly on May 19, when each transaction that day averaged 2 BTC. That’s triple the daily average per transaction of 0.67 BTC so far in 2021.