[Analysis] "Tether Moves Out, Bitcoin Moves to Exchanges... Short-term Bearish Outlook for Bitcoin"
Uk Jin
Summary
- It was reported that Tether was transferred out of exchanges and Bitcoin was deposited into exchanges, raising the possibility of a short-term bearish outlook for Bitcoin.
- According to CryptoQuant contributor onatt, this outlook is based on on-chain data analysis.
- It is expected that this downturn will be merely a short-term correction.
An analysis has emerged predicting a short-term bearish outlook for Bitcoin (BTC).
On the 26th, CryptoQuant contributor onatt reported through a report that "recent on-chain data captured Tether being transferred out of exchanges. Meanwhile, about 15,000 Bitcoins were deposited into exchanges."
He further explained, "These two phenomena indicate the possibility of a short-term decline in Bitcoin. However, this downturn is expected to be merely a short-term correction."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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