Bitcoin price dips under $21K while exchanges see record outflow trend

Bitcoin (BTC), which fell with US equities, was sold into Wall Street open on June 27, 2017.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

$25,000 to be bulls’ line in sand

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD was down as stock markets declined in the last week of Juni.

The pair was trading below $21,000 at the time of writing. It had fallen to its lowest level in three days following a generally stable weekend.

In spite of a lackluster bullish conviction among traders expectations for a further fall remained. Bitcoin is still below the critical 200-week moving average (WMA), at $22,430.

“Bitcoin said NO to $21K support. It’s fine. “We have levels structured,” Michael van de Poppe, a Cointelegraph contributor, wrote in a Twitter discussion.

Another post suggested that traders would be more likely to take long positions if there were further lows. Support was at $20,325 to $20,100. Should neither of these levels hold, it could lead to a plunge towards $19,000.

Credible Crypto, a fellow trader and analyst, laid out the conditions to ensure that the $17,600 lows for this month would not be challenged. He suggested that a trip to the low $30,000 area would be necessary.

He stated in a video update that “if we can reclaim $25,000, push to the low $30,000s — $28, $229, $30,000 — then I don’t believe we’re going see new lows.”

“So, if we see new lows soon, I would expect it to occur before we reclaim $25,000.”

Bitcoin closed its first ever month under the 200WMA, specializing in the bear market.

BTC/USD 1-week Candle Chart (Bitstamp), with 200WMA. Source: TradingView

BTC withdrawals from exchange wallets

Nevertheless, the evidence of investors purchasing the dip continued to mount.

Related: Google users believe BTC is dead — 5 things you should know about Bitcoin this week

The news that whales were adding coins to the market for $20,000 was a big deal. However, recent declines in BTC supply have been a concern for exchanges.

Glassnode’s on-chain analytics firm revealed that June 26th saw the greatest cumulative change in BTC not held on exchanges.

As funds moved to other places, the 30-day average supply change on exchanges was down by 153 849 BTC.

Bitcoin exchange net position change chart. Source: Glassnode

Cointelegraph reported that metrics like the Mayer Multiple continue showing the potential for huge gains when buying Bitcoin at current levels.

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