Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week.
Bitcoin price is testing the key support level at $56,000; a close below could see BTC’s downtrend persist. US spot Bitcoin ETFs registered outflows this week, totaling $536.1 million. Lookonchain data show that institutions and whales are selling their BTC holdings. On-chain data shows a bearish picture, with falling daily active addresses, long-to-short ratio below one, and decreasing Coinbase premium index.
On-chain data shows negative bias CryptoQuant’s Bitcoin Coinbase Premium Index, a key indicator of how large-wallet investors behave, suggests decreasing interest from whales in the top crypto. The indicator shows the gap between the Coinbase Pro price and the Binance price . Coinbase Premium data is one of the indicators that shows a sign of whale accumulation, as the Coinbase Pro platform is considered the gateway for institutional investors to purchase cryptocurrencies.
Cryptocurrencies Technical Analysis NFP
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Weekly Forecast: Can BTC break above $62,000 barrier?Bitcoin (BTC) trades above $60,000 on Friday, gaining more than 4% this week so far, but fluctuating within a range between $57,000 and $62,000 for the last 15 days.
Read more »
Bitcoin Weekly Forecast: Will BTC continue its ongoing decline?Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000.
Read more »
Bitcoin Weekly Forecast: Signs of weakness persistBitcoin (BTC) trades above $58,000 on Friday after after testing and failing to overcome the resistance level around $62,000 earlier in the week.
Read more »
Bitcoin Weekly Forecast: Can BTC bounce back from recent market crash?Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday.
Read more »
Weekly Wish List From an Us Weekly Beauty and Fashion EditorCheck out our favorite editor-approved finds of the week, from skincare staples to fashion 'fits — details here
Read more »
USD/CAD Price Forecast: Hangs near weekly low, below 1.3500 ahead of US/Canadian jobs dataThe USD/CAD pair attracts sellers for the third straight day and remains depressed below the 1.3500 psychological mark, or the weekly low through the early European session on Friday.
Read more »