Three signs that BTC was about to dump yesterday - before it did

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Ibis
May 2, 2020

Takeaways:


  • There were several major red flags in Bitcoin's on-chain and social data ahead of the coin's 8.5% dump yesterday
  • Assets covered: Bitcoin
  • Metrics used: Exchange inflow, Token age consumed, Social volume


At the time of writing, Bitcoin is once again attempting to break the infamous $9000 resistance level, currently hovering tightly around the $8,914 range.


In fact, the top-cap coin went as high as $9370 during the day yesterday before experiencing a swift, short term correction - at one point falling to as low as $8,568 before bouncing back.


Which begs the question - were there signals that a short-term Bitcoin correction was imminent during Bitcoin's move above $9300 yesterday?


Yes. We’ll cover 3 of those signals here.


  1. 1. Massive spike in BTC’s Exchange Inflow
Inflow of Bitcoin to exchange wallets, last 30 days (Source: Sanbase)

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Assets from this insight

Bitcoin logo

BitcoinBTC

$ 11632.88

3.65%in last 7d
1