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Record low Bitcoin velocity suggests BTC may ‘move to the downside’

Published 07/14/2021, 05:00 PM
Updated 07/14/2021, 07:20 PM
Record low Bitcoin velocity suggests BTC may ‘move to the downside’
BTC/USD
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In the early hours of July 14, Bitcoin price took a surprise hit to $31,550 before slowly recovering back above $32,900 in the morning session.

The swift drop near the crucial $30,000 resistance raised alarms among bulls and bears and whilst the $30,000 to $32,000 level continues to function as a support level, a recent market update from ByteTree CEO James Bennett paints a mixed picture of what may be in store for BTC.

Bitcoin transaction count 1-week cumulative, rolling. Source: ByteTree
Bitcoin total transaction value 1-week cumulative, rolling. Source: ByteTree
Bitcoin network velocity. Source: ByteTree
Bitcoin miner inventory vs. price. Source: ByteTree
Institutional dominance ratio vs. BTC price. Source: ByteTree

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