Bitcoin Onchain Analysis as Price Hovers around $30,000 on June 9

Key Insights

• Bitcoin has been hovering around the $30,000 price point for the past week.
• Uncertainty and volatility are the only constraints within the crypto market, and the top crypto asset might get back up in value.
• As BTC leaves exchanges, we are seeing a huge influx of HODLers.

Is $40,000 too unrealistic for BTC?

Bitcoin (BTC/USD) is one of the largest cryptocurrencies in market capitalization and has had a bearish outlook throughout the past few weeks

Bitcoin is the largest cryptocurrency by market capitalization BTC. Its blockchain network has been utilized in numerous solutions as well.

As such, it is the go-to cryptocurrency that many investors tend to jump into, gaining much mainstream attention.

Any store that starts to accept crypto will typically include Bitcoin (BTC) first, and any country that aims to make crypto legal tender opts to use Bitcoin.

As of recently, whales have started accumulating Bitcoin a lot. If you are a crypto trader, you need to be aware of this information so you can be prepared for trading Bitcoin.

According to data generated by Santiment, over 50,000 Bitcoin (BTC) were withdrawn from cryptocurrency exchanges throughout the last week. The price of the coin has been hovering around $30,000 per BTC.

The Bitcoin supply sitting on exchanges is down 9.9%, and the exchange supply has not been this low in 3.5 years.

This can be highly attributed to mega whale addresses, which have been accumulating the crypto at an unprecedented rate.

These whales gained their highest supply of Bitcoin (BTC) in a year, showcasing solid confidence and belief in the crypto from the perspective of HODLing the coin.

Bitcoin on-chain analysis

Before diving into a cryptocurrency exchange to trade or invest in BTC, here is what you need to know.

Bitcoin (BTC) was trading at a value of $30,600.86 as of June 9, 2022.

The all-time high for the BTC cryptocurrency was on November 10, 2021, when the coin reached $69,044.77 in value.

When we look at its 7-day performance, its 7-day low was at $29,419.16, while its 7-day high was at $31,565.67.

With that in mind, we can see a pattern where BTC has both dipped under $30,000 and gone above $31,000.

This indicates BTC’s price has been covered in a tight range without much meaningful price action.

We can also see how resilient and strong the Bitcoin network is through the hash rate chart, as analysts have pointed out.

When we look at the total liquidations of Bitcoin (BTC) in the last 24 hours, we can see that there were $26.70 million, with $2.87 million in just an hour.

Furthermore, when we look at the long and short percentage of Bitcoin, as of June 9, 2022, the long is 31.92%, while the short is 68.08%, which leads us to a long/short rate of 0.47%.

Furthermore, we can see that the network experienced $134.77 billion in transactions greater than $100,000 throughout the last 7-days. There were $4.1 billion in total exchange inflows and $4.83 billion in total exchange outflows.

With all of this in mind, it is clear that investors are starting to HODL the cryptocurrency and are not too quick to sell it.

This shows a sign of confidence that Bitcoin (BTC) can showcase a solid potential for growth soon.

Based on its historical price points, performance, and overall state of the cryptocurrency market, Bitcoin activity is still relatively high. We will likely see Bitcoin (BTC) break past the $32,000 price barrier by June 2022.