Price of Bitcoin faltered as it hovered around $19,000 until Wednesday trading
Peter SchiffA well-known critic of cryptocurrencies in general, and bitcoin in particular, believes that there are new signs that bitcoin may soon experience another sharp drop.
In a tweet addressing Bitcoin hodlers, Schiff claims that Bitcoin has not taken part in the recent market rally and is only slightly above $19K. He contends that if Bitcoin cannot rise alongside other risk assets, it may be hit hardest when risk assets begin to fall again. He goes on to predict that Bitcoin might lead the next leg down.
Equity markets edged higher for the second day in a row, with the tech-heavy Nasdaq, S&P 500 and major stock indexes. Cryptocurrency prices, however, countered the movements of the equity market.
The price of Bitcoin faltered as it hovered around $19,000 until Wednesday’s trading session. The price of the biggest cryptocurrency by market capitalization, which had fallen 1.72% the previous day, was currently a little over $19,200.
The price of bitcoin is still largely determined by macro-triggered factors, even though its correlation with the stock has waned since hitting last month’s highs.
Exchange outflows a positive sign
Bitcoin’s consolidation around the $19K mark is seen as over 1.3 million addresses bought over 680,000 BTC, making it the most significant support for the lead cryptocurrency. Another key level is held at $19,200, where over 2.5 million addresses bought nearly 1.5 million BTC, according to IntoTheBlock data.
According to data provider Cryptoquant, around 48,000 bitcoin left CoinbasePro on Tuesday. The outflow was the second largest in history and one of the largest among cryptocurrency exchanges after a major downturn in June of this year. Exchange outflows indicate that investors are withdrawing their cryptocurrencies from exchanges thus moving from selling to accumulation.
