CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$32,517.00
  • ethereum
    ETH$1,427.58
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Signs of Seller’s Intent? Bitcoin Flooded Exchanges As Price Hit $10,000

    Signs of Seller’s Intent? Bitcoin Flooded Exchanges As Price Hit $10,000

    Author: Greg Thomson

    Last Updated Jun 3, 2020 @ 21:25

    The inflow of Bitcoin to cryptocurrency exchanges more than quadrupled on June 2, when the Bitcoin price crossed above the $10,000 price range for the first time since February.

    Bitcoin Holders Trying to Sell at $10,000?

    Data courtesy of Glassnode reveals a sharp spike in the volume of Bitcoin transferred to exchanges during BTC’s rise to $10,000. Binance was the favored destination for most of the Bitcoin deposits, as seen on the graph below.

    btc_inflow_glassnode-min
    Bitcoin inflow to major cryptocurrency exchanges coinciding with the price pump to $10,000. Source: Glassnode

     

    The blockchain analysts at Glassnode speculated the sudden influx of Bitcoin to exchanges was a clear sign of investors reacting to BTC’s price increase. They tweeted:

    “Bitcoin inflows to major exchanges spiked during BTC’s recent sharp increase to $10,000, clearly showing investors’ reaction to the sudden price surge.”

    That reaction could be perceived as being uncertainty, given that soon after flirting with the $10,500 mark, Bitcoin immediately sunk to anywhere between $8,600 and $9,400 – depending on the trading platform.

    The number one coin’s gravitational pull wreaked havoc on the rest of the cryptocurrency market, eventually erasing $18 billion from the global market cap in just under two hours.

    btc_bart_jun2
    A classic Bart. BTC/USD over the past days

    Bitcoin’s Recent History of Troubles with $10,000

    Bitcoin’s drop from the $10,000 range coincided with $449 million worth of BTC long liquidations aggregated from major exchanges. As previously reported by CryptoPotato, that number doesn’t include the sum of the short orders which would have been liquidated during the pump before the dump.

    By all accounts, the $10,000 mark remains a psychological barrier that is yet to be navigated successfully by Bitcoin traders. The last time BTC successfully surpassed that level was mid-February of this year.

    In the month that followed, Bitcoin went on to lose over 54% of its value. The majority of those losses came in just one day, now dubbed “Black Thursday” when BTC fell 40% in value in 24 hours on March 12.

    On May 7, just a few days before the halving event of 2020, Bitcoin spiked to retest the $10,000 but couldn’t hold there for much longer as the sellers were quick to sell and the price dropped to as low as $8100 on the day of the halving – May 11.

    Despite the sudden arrival of Bitcoin onto major exchanges and the drop from the vaunted $10,000 range, Bitcoin’s losses for the day reached just 7% at its lowest point. Following a swift rebound, as of now, BTC climbed back to the $9,600 range, leaving 24-hour losses at just over 5%.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • prediction
      Analysis: Bitcoin Price Can Reach $90,000 By Mid 2021
    • filb2
      $14,000 By End of 2020 a Reasonable Target for Bitcoin's Price: Filb Filb in Exclusive Trader's Digest
    • bitcoin_price_cover
      Bitcoin Price to Hit $100,000 in 2025: Bloomberg Market Analyst
    Read more on: Bitcoin (BTC) Price

    About The Author

    Greg Thomson View more posts by this author

    Greg is a journalist from Glasgow, Scotland who covers the cryptocurrency and blockchain beat. He has contributed to some of the foremost publications in the industry and joined CryptoPotato in 2020. Contact Greg

  • bitcoin
    BTC$32,517.00
  • ethereum
    ETH$1,427.58
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!