Bitcoin plunged below major support of $45,000 and other projects also recorded heavy losses during today's session as investors digest recent hawkish comments from FED members and brace themselves for release of FOMC minutes at 7:00 pm BST. Despite negative moods it is worth mentioning that on-chain data indicates that bulls did not lay down their weapons yet. According to data from Glassnode, crypto exchanges recorded sharp cryptocurrency outflows in recent months which points out that “historically strong accumulation” was taking place.
Crypto exchanges recorded outflows of nearly 96,000 bitcoin each month. Source: Glassnode
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Open account Try demo Download mobile app Download mobile appAlso cryptocurrency investment funds recorded inflows totaling $180 million. This is a second week of inflows, the majority of which came from Europe.
Bitcoin recorded the highest inflows of 144 million. Source: CoinShares
Bitcoin price dropped below the key horizontal support at $ 45,000 on Wednesday, which poses a risk of further declines. If the correction move continues, the next major support to watch lies at $ 43,000, which is marked with the lower limit of the 1:1 structure and the 38.2% Fibonacci retracement of the last upward wave. Source: xStation5
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