Bitcoin Safe from Sell-Side Liquidity: CryptoQuant CEO
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Numerous speculations have sprouted in the last few days after the benchmark cryptocurrency crossed above the $20K level, CryptoQuant’s being one of them.
CryptoQuant CEO Ki-Young Jun took to Twitter to express his optimistic expectations for Bitcoin in the near term, He tweeted: “I haven’t seen any significant Bitcoin on-chain activities for the past 7 days. Who knows the future but at least, the $BTC market is safe from sell-side liquidity as long as [the] on-chain is quiet.”
Reports show that there hasn’t been any notable increase in Bitcoin Exchange Balances since July 1, suggesting sellers might be losing dominance.
Many believe that Jun’s optimism comes as the cryptocurrency fights to stay above the $20K level, which highlights growing resilience and confidence around BTC, supporting the possibility of additional upsides.
Meanwhile, prominent Twitter crypto analyst Lark Davis shared a Glassnode chart illustrating that the number of Bitcoins on exchanges continues to decline steadily. According to the chart posted on Lark’s Twitter page, about 150,000 BTC has flowed out of crypto exchanges, the highest-ever BTC outflow on record.
Regardless, nothing is yet for sure as Bitcoin and the crypto market remain in winter.
Key Bitcoin Levels to Watch — July 7
Bitcoin currently trades along an ascending trendline, which projects a retest of the $21K level in the coming days. This comes as analysts project that the worst of the bear cycle is now behind, painting a bullish near-term picture for the benchmark cryptocurrency.
However, with the prevailing market conditions on Thursday, we could see a retest of the July high at $20.9K in the coming hours, where a sharp bullish continuation towards the top of the $21.7K – $20K range.
Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,000, $19,000, and $18,000.
Total Market Capitalization: $930.8 billion
Bitcoin Market Capitalization: $394.7 billion
Bitcoin Dominance: 42.4%
Market Rank: #1
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