Bitcoin price continues to struggle below $17,000, despite a slight increase in buying pressure in the past couple of days. The continued trend between the interim resistance & support levels is the current matter of concern, as the volatility has been significantly slashed.
Several influencers cautioned market participants saying ‘not your keys, not your crypto’ and the FTX drama seems to confirm it all. So, now they are focusing on protecting their assets instead of opening any new positions.
The recent FTX collapse has shaken the entire crypto space as the ripple effects of its fallout have been witnessed. While many more are expected to join the fallout list compelled the traders to withdraw their assets from the exchange reserves.
According to the on-chain data platform, around 845K BTC has been moved out of the exchanges which is a drop of around 26.5%. Traders were also withdrawing assets during previous bull or bear markets, but the current trend appears to be a bit different. The exchange balance has declined to the lowest level for the first time in the last 3 to 4 years.
This may signal that the traders are bullish about the upcoming rally but considering the current market conditions, they do not rely on the platform to store them for the long term. Along with Bitcoin, the stablecoins also witnessed huge outflows from the exchanges which is a huge matter of concern at present.
Bitcoin (BTC) price currently declined below the realized value of $20,565 and moving towards the balanced price of $16,023. A decline beyond these levels could lead the price in search of fresh support levels, while the delta price is near the $12,467 level.
However, the BTC price around the Delta level may be considered the bottom of the current bear cycle, from which a decent upswing may kick in.
