{"id":163172,"date":"2021-01-26T13:07:34","date_gmt":"2021-01-26T10:07:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/"},"modified":"2021-01-26T13:07:34","modified_gmt":"2021-01-26T10:07:34","slug":"these-5-charts-show-why-bitcoin-price-failed-to-break-35k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/","title":{"rendered":"# These 5 charts show why Bitcoin price failed to break $35K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf2e44feee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf2e44feee\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#BTC_price_rally_turns_sour\" >BTC price rally turns sour<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#Miners_likely_still_selling\" >Miners likely still selling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#Exchange_flows_positive_for_Bitcoin\" >Exchange flows positive for Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#Coins_are_highly_active\" >Coins are highly active<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#Resistance_is_in%E2%80%A6\" >Resistance is in&#8230;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/these-5-charts-show-why-bitcoin-price-failed-to-break-35k\/#%E2%80%A6And_greed_is_out\" >&#8230;And greed is out<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># These 5 charts show why Bitcoin price failed to break $35K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) fell towards $30,000 on Jan. 26 after higher levels evaporated and fresh miner outflows <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to suppress price action.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_rally_turns_sour\"><\/span>BTC price rally turns sour<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">Tradingview<\/a>\u00a0showed the largest cryptocurrency abruptly U-turn as it neared $35,000 in early week trading.\u00a0<\/p>\n<p>At the time of writing, BTC\/USD was lingering closer to $31,000, marking 24-hour losses in excess of 5%.<\/p>\n<p>A combination of factors, all of which suggest a short-term profit-taking mission among market participants, entered the scene on Monday to keep bulls from taking prices higher.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/60b6ee5e-0709-4aa7-afcc-fdab3aeb8a86.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Miners_likely_still_selling\"><\/span>Miners likely still selling<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data shows that miner outflows \u2014 funds leaving mining pools \u2014 continued to spike this week. As Cointelegraph reported, last week&#8217;s price dive came as largest pool F2Pool saw several days of major outflows. This time, however, smaller miners were taking the lead.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/517694fd-513d-4783-909f-dee919913c91.jpg\"><figcaption style=\"text-align: center;\"><em>Small miner outflows chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Outflows may not specifically indicate that miners are selling BTC, but show that mined coins are moving, possibly to venues where they will form part of a trade.<\/p>\n<p>According to on-chain analytics resource CryptoQuant, total outflows were down this week versus last, but still heightened compared with recent months.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/6aca40ae-8ade-482a-87df-389e228a80f2.jpg\"><figcaption style=\"text-align: center;\"><em>Total miner outflows chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_flows_positive_for_Bitcoin\"><\/span>Exchange flows positive for Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Looking at exchanges, traders appeared to be nervous regarding market strength. Unlike behavior during Bitcoin&#8217;s vertical price growth at the turn of the year, net flows to exchanges were positive in recent days.\u00a0<\/p>\n<p>Compiled by on-chain monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1353930670368808961\">Glassnode<\/a>, data tracking major exchanges showed that around $108 million more was deposited than withdrawn on Monday.<\/p>\n<p>Conversely, supplies of largest altcoin Ether (ETH) on trading platforms fell by $47 million, while Tether (USDT) increased by $65 million.<\/p>\n<p>Removal of coins from exchanges implies that holders have no intention to trade or sell them, instead placing them back in hot or cold storage wallets.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coins_are_highly_active\"><\/span>Coins are highly active<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are more active Bitcoin addresses than ever, while BTC holdings kept moving in recent days.<\/p>\n<p>Bitcoin Days Destroyed, which measures the amount of each transaction on the Bitcoin network versus how long ago the coins involved last moved, hit three-month lows this week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>Glassnode tracked a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1353919530658115586\">steep decline<\/a> in the metric in January, coinciding with a trading frenzy on the back of Bitcoin hitting new all-time highs of $42,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/a98b67f4-08c9-4f97-85e2-0ced1b2d3457.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin Days Destroyed 7-day moving average chart. Source: Glassnode\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>At the same time, wallet numbers themselves <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1352177319495028736\">passed 1.24 million<\/a> as of Jan. 8, the latest date for which data is available.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Resistance_is_in%E2%80%A6\"><\/span>Resistance is in&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A glance at the spot market on Tuesday highlighted multiple <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1353976556012662784\">resistance levels<\/a> on BTC\/USD, with sellers lined up at $1,000 increments beginning at $35,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/00d20680-dc16-4b54-838f-f9d1434ad4d5.png\"><figcaption style=\"text-align: center;\"><em>USDT order heatmap on Jan. 26. Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>So far, bulls have failed to tackle any of these, with support likewise in place at each $1,000 level until $27,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%A6And_greed_is_out\"><\/span>&#8230;And greed is out<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, after hovering at record levels in Q4 2020, a classic measure of investor sentiment came back down to October levels in recent days only to then rebound to 71.\u00a0<\/p>\n<p>The Crypto Fear &amp; Greed Index, which uses a basket of factors to determine whether investors themselves will cause Bitcoin to boom or bust, swapped &#8220;extreme greed&#8221; to comparatively normal &#8220;greed.&#8221;<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-01\/e3aff4e2-4ce1-4974-8ec6-3bad8cf451a2.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index chart. Source: Digital Assets Data<\/em><\/figcaption><\/figure>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/these-5-charts-show-why-bitcoin-price-failed-to-hit-35k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# These 5 charts show why Bitcoin price failed to break $35K &#8221; Bitcoin (BTC) fell towards $30,000 on Jan. 26 after higher levels evaporated and fresh miner outflows appeared to suppress price action. BTC price rally turns sour Data from Cointelegraph Markets and Tradingview\u00a0showed the largest cryptocurrency abruptly U-turn as it neared $35,000 in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":163173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvOTE3ZGFlNDEtMzQ1MC00N2Y0LThiNmItOTliYWQ4MTcxNDljLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75150,73785],"class_list":["post-163172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=163172"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/163173"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=163172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=163172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=163172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}