Bitcoin was still unable to overcome $9K gravity yesterday. For the first crypto-coin, ever lower resistance levels often turn out to be a pretty adverse scenario. Bitcoin loses about 1% per day and trades around $8,850 with a further decrease in trading volumes.
Nevertheless, deep processes take place in the market. Thus, Glassnode found out that more than 300,000 BTC ($2.6 billion at the current exchange rate) were withdrawn from crypto exchanges after the bitcoin crash in March, as well as after the recent halving. These coins were possibly used for OTC trades, and some of the funds were withdrawn from circulation. Also, miners spend coins to pay their bills and go out of business. After the previous halvings, the result of these processes was a deficit of coins in the market, that pushed prices higher. Still, now there is no such certainty because of changes in the global environment on the crypto market. The next few quarters will show how strong it has changed.
The FxPro Analyst Team
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