Connect with us
Active Currencies 14904
Market Cap $2,575,860,128,465.80
Bitcoin Share 51.67%
24h Market Cap Change $0.58

Bitcoin hikes by 2% to hit $26K

2min Read

Bitcoin’s recent 2% surge sparks intrigue as supply on exchanges rises. However, a Netflow reversal suggests a potential for shifting market dynamics ahead.

Bitcoin surges over 2%, reaches $26k

Share this article

  • BTC added over 2% to its price to close the day at over $26,000.
  • BTC supply on exchanges has been on the rise after its previous decline.

The price of Bitcoin [BTC] has recently experienced a notable increase of over 2%, marking the first significant uptick in weeks. This rise has subtly impacted the overall direction of exchange activity. However, what has been the general trend in supply on exchanges over the past few weeks?


How much are 1,10,100 BTCs worth today?


Bitcoin sees a slight but impactful rise 

On 7 September, Bitcoin exhibited an upward trend when viewed on a daily timeframe at the close of trading. The chart revealed that BTC concluded trading with a price increase of over 2%, exceeding $26,000.

This marked a notable event as, apart from a price surge of more than 6% on 29 August, it had been weeks since Bitcoin had experienced a rise of this magnitude. Additionally, it broke the $26,000 price barrier for the first time in over a week.

BTC/USD price trend

Source: TradingView

As of this writing, Bitcoin had sustained its upward momentum and was trading at approximately $26,300, albeit with a gain of less than 1%. Furthermore, this slight price increase has pushed it above the neutral line on its Relative Strength Index (RSI).

This also signified a significant development, as it had been over a week since it crossed this threshold.

Bitcoin holders moving to take profit

As per a Santiment report and accompanying chart, Bitcoin has witnessed a surge in its supply on exchanges over the past two weeks. Examining the chart, it became apparent that the supply on exchanges had declined since 14 August.

Initially, it hovered around 5.9%, but by 24 August, it had dropped slightly to 5.8%. However, as of this report, it had rebounded to approximately 5.96%, nearing the levels observed on 14 August. 

Bitcoin supply on exchanges

Source: Santiment

This observation suggested that some Bitcoin holders took modest profits by moving their holdings onto exchanges. Nevertheless, it remains uncertain whether this trend will persist should the price continue to rise.

The trend of the BTC’s exchange flow

Based on data from CryptoQuant, the exchange Netflow on 7 September indicated that more Bitcoin entered exchanges than left, with a Netflow of approximately 877. However, as of this writing, there has been a significant reversal, with more BTC leaving exchanges.


Is your portfolio green? Check out the BTC Profit Calculator


The Netflow had thus turned negative, measuring around -2,600 at press time.

Bitcoin exchange flow

Source: CryptoQuant

The overall trend in the cumulative flow by the end of the week will be crucial in determining whether we are observing an accumulation of BTC on exchanges or a trend of BTC leaving exchanges.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.