{"id":297230,"date":"2021-07-13T00:35:00","date_gmt":"2021-07-12T21:35:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation\/"},"modified":"2021-07-13T00:35:00","modified_gmt":"2021-07-12T21:35:00","slug":"bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation\/","title":{"rendered":"# Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation"},"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-6a34d4844cb8b\" 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-6a34d4844cb8b\" 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\/bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation\/#Bitcoin_hashrate_shows_signs_of_recovery\" >Bitcoin hashrate shows signs of recovery<\/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\/bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation\/#Altcoins_fall_under_pressure\" >Altcoins fall under pressure<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>As the pressures placed on the market by China\u2019s cryptocurrency crackdown begin to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week&#8217;s\u00a0unlocking of more than $550 million worth of Grayscale&#8217;s GBTC shares.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000 support level after bears took control of the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/8439a1ab-c9af-4f4b-82c7-cbb30b873966.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Grayscale attracted further attention on Monday after various <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reported that the firm has publicly filed three Form 10 registration statements with the United States Securities and Exchange Commission (SEC). <\/p>\n<p>This brings the number of publicly reported trusts managed by Grayscale to five, with the trusts for Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC) joining the previously filed trusts for Bitcoin and Ether (ETH).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_hashrate_shows_signs_of_recovery\"><\/span>Bitcoin hashrate shows signs of recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>China\u2019s crackdown on Bitcoin mining resulted in a 55% decline in the network hashrate as BTC mines were shut down across the country and operations moved overseas. <\/p>\n<p>According to a recent report from Glassnode, roughly 29% of the lost hashpower has now come back online as a result of Chinese miners successfully relocating hardware while \u201cpreviously obsolete hardware has been dusted off and found a new lease on life.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/17ce32b8-4e40-4dc1-ba0b-927e98df1f3e.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin mean hash rate. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-28-2021\/\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>After nearly a month of selling from miners, the Miner Net Position Change metric now shows that they are back in accumulation mode indicating that \u201cthe sell-side pressure coming from offline miners is more than offset by accumulation by the operational miners.\u201d<\/p>\n<p>Further evidence for a decrease in selling can be found in the exchange flow data for BTC, which has seen a larger amount of BTC withdrawn from exchanges than deposited over the past two weeks.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/2c687f77-4764-41d6-871c-c57d242c0a14.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin all exchanges netflow. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/full\/474?window=day\"><em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n<p>As a result of the increased outflows, the amount of Bitcoin reserves held across all exchanges fell by more than 16,100 BTC between June 28 and July 11.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/ee1c5bcc-97de-4a87-9705-b491ff5240f9.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin all exchange reserves. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/full\/247?window=day\"><em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n<p>From a macro perspective, many interpret this as a bullish development for Bitcoin as token holders <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>ear to be withdrawing BTC to put into long-term storage as the market awaits the next significant move higher. <\/p>\n<p><em><strong>Related<\/strong>: Bitcoin dips below $33K as shorts spike, trader warns of &#8216;violent&#8217; BTC price squeeze<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_fall_under_pressure\"><\/span>Altcoins fall under pressure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Altcoins as a whole fell under pressure on Monday as the pullback in BTC led to weakness across the market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/9146c25e-7ef4-49c1-bd1a-480e4f479b38.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>As the sell-off intensified into the afternoon the price of Ether (ETH) fell to the $2,000 support level after traders rushed for the exits. <\/p>\n<p>While the majority of the market was in the red for the day, there were several projects that managed to rise above the noise and post gains on July 12, with Metal (MTL) putting up a gain of 18% while Revain (REV), Stratis (STRAX) and Injective Protocol (INJ) gained 12%<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.354 trillion and Bitcoin\u2019s dominance rate is 45.5%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\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\/bitcoin-price-falls-under-33k-but-on-chain-data-hints-at-btc-accumulation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation &#8221; As the pressures placed on the market by China\u2019s cryptocurrency crackdown begin to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week&#8217;s\u00a0unlocking of more&#8230;<\/p>\n","protected":false},"author":1,"featured_media":297231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNDJkNjY4ZTctMjBlOS00MDY1LWEyYmYtOWVkZTY0Yjk2ZDgyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74989,74937,74863,74860,74891,75462,75150,75042,73785],"class_list":["post-297230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ethereum","tag-hash-rate","tag-market-update","tag-mining","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/297230","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=297230"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/297230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/297231"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=297230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=297230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=297230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}