Bitcoin exchange inflows have reached their highest levels in a month, indicating increasing selling pressure as the price of Bitcoin falls below $26,000. According to Glassnode data, the one-day moving average of Bitcoin’s exchange net flow reached $9.75 million on August 16. Additionally, Glassnode reported that the amount of Bitcoin sent to exchanges recently hit a four-month high of approximately 370 BTC.
Despite Bitcoin’s price dip, some cryptocurrencies are experiencing gains. Today, the biggest crypto gainers on DEXTools are PARROT, ANUBIS, and SOJU. These coins have seen significant surges in price despite Bitcoin’s lackluster performance.
The increase in Bitcoin exchange inflows suggests that there is a growing supply of Bitcoin on exchanges, which typically precedes periods of selling activity. This selling activity is further supported by the fact that Bitcoin has fallen over 20% from its highs last week. The decline was triggered in part by the SEC’s postponement of decisions on several Bitcoin ETF applications.
Analyst Ki Young Ju of CryptoQuant notes that Bitcoin velocity recently hit a three-year low, indicating that long-term holders are more inclined to sell at current levels. The Average Dormancy metric has also risen, indicating that older coins are being spent. Ju suggests that these factors, along with the overall market psychology and turnover rate, make it difficult for Bitcoin to experience a strong rise in price at the moment.
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Currently, Bitcoin is trading around $25,800, down over 60% from its all-time high in November 2021. If inflows to exchanges remain elevated, some analysts predict further declines in Bitcoin’s price.
Given the selling pressure on Bitcoin, some traders may be considering rotating into altcoins that have stronger technicals. Today, PARROT, ANUBIS, and SOJU have emerged as the top gainers on DEXTools.
PARROT has experienced a rise of 1,490.71% but has faced selling pressure, bringing its price down to $0.0000005557. Technical indicators suggest a bearish trend in the short term, but there are key support and resistance levels that could potentially trigger a bullish reversal.
ANUBIS has seen a 68.13% gain today but has retraced from its intraday high. Technical indicators indicate a potential bearish trend, with a bearish crossover possibly imminent. Traders should closely monitor support and resistance levels to gauge market sentiment.
SOJU has surged by 1,674.24% and is now consolidating above a horizontal support zone. Technical indicators suggest a mild bearish bias in the short term, but the RSI indicates a neutral market condition. Traders should pay attention to key levels of support and resistance to assess potential price movements.
For those looking to diversify their cryptocurrency holdings, participating in presales of promising new projects may be advantageous. While this approach carries risks, investing in presales of projects with strong founding teams and innovative ideas can result in significant profits if the venture succeeds post-launch. However, it is important to carefully assess the risks and potential rewards before participating in presales.
In conclusion, Bitcoin exchange inflows have reached one-month highs, indicating increasing selling pressure. Despite Bitcoin’s price decline, some cryptocurrencies are experiencing gains. PARROT, ANUBIS, and SOJU are the top gainers today on DEXTools. Traders should closely monitor key technical indicators and support and resistance levels to assess potential market sentiment and price movements. Additionally, participating in presales of promising projects may offer growth potential for investors, but it is crucial to carefully evaluate the risks involved.
