The entire crypto industry was back drowning in the red sea. Almost all the assets were witnessing major downfalls even enduring double-digit crashes. A few days ago, Bitcoin [BTC] was had finally made its past $50K, but the asset once again dropped down to a low of $45K. The market cap of the king coin also dropped down to $800 billion from a high of $1 trillion.
During the writing time, Bitcoin was seen trading for $44,600, with an 11% plummet in the last 24-hours. The market cap of the king coin was noted at $834 billion.
Despite this major drop in its price, the Bitcoin exchange outflow volume had hit an all-time high of $133,498,242.37. The CEO of CryptoQuant, Ki-Young Ju revealed that almost 13K Bitcoin made their way out of Coinbase. His tweet read,
13k $BTC flowed out from Coinbase a few hours ago.
It seems those BTC went to multiple Coinbase custody wallets. US institutional investors are still buying Bitcoin at the 48k price.
This is the strongest bullish signal I've ever seen.
— Ki Young Ju 주기영 (@ki_young_ju) February 25, 2021
While CryptoQuant’s CEO suggested that this was the “strongest bullish signal” that he has ever seen, the one-hour price chart of Bitcoin was suggesting otherwise as the bears were noted in its market.
Bitcoin [BTC] one-hour price chart
The one-hour price chart of BTC was seen depicting a bearish sentiment as the Parabolic SAR indicator had laid out dotted lines above the candlesticks. This line prompted the bears to enter the market as the dotted lines stood as a line of resistance.
The Awesome Oscillator was exhibiting a bearish momentum with the formation of red closing bars. The Relative Strength Index was down below the 50 median, suggesting a sellers’ predilection in the BTC market.
Bitcoin [BTC] one-day price chart
The MACD indicator used in the one-day price chart of BTC went for a bearish crossover. The MACD line slumped below the signal line just a couple of days ago. This bearish crossover could most likely prolong, considering the disparity between both the lines. The Klinger Oscillator was also following the footsteps of the MACD indicator.
The strong bearish notion in the BTC market did not stop institutional investors from pouring their funds into the industry. The CEO of Twitter, Jack Dorsey, used his payments company, Square to invest about $170 million in Bitcoin. The founder of Sky Bridge, Anthony Scaramucci also tweeted about Stone Ridge’s latest venture.
— Anthony Scaramucci (@Scaramucci) February 25, 2021