{"id":5482,"date":"2020-11-18T21:00:17","date_gmt":"2020-11-18T21:00:17","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450208"},"modified":"2020-11-18T21:00:17","modified_gmt":"2020-11-18T21:00:17","slug":"heres-why-bitcoin-wont-ever-see-another-march-style-selloff-event","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/heres-why-bitcoin-wont-ever-see-another-march-style-selloff-event\/","title":{"rendered":"Here\u2019s Why Bitcoin Won\u2019t Ever See Another March-Style Selloff Event"},"content":{"rendered":"

Bitcoin has come a long way from where it was just under one year ago, with the March 12th selloff sending the cryptocurrency to lows of $3,800 – from which point it has seen exponential upside growth.<\/p>\n

One analyst is now noting that BTC’s days seeing sharp selloff events like this one are over, with its underlying market structure maturing at a rapid pace throughout the past several months.<\/p>\n

The recent exodus away from BitMEX may be contributing to its stability, as the market is now being primarily driven by spot trading volume rather than margin volume.<\/p>\n

There’s an on-chain metric that further bolsters this notion, with the Exchange Whale Ratio remaining incredibly low throughout the course of BTC’s parabolic uptrend.<\/p>\n

This indicates that large investors have little interest in offloading their holdings, despite Bitcoin’s price currently trading just 10% below its all-time highs.<\/p>\n

So long as large sellers don’t step up and start placing pressure on the crypto, it may be well-positioned to see significantly further upwards momentum in the days and weeks ahead.<\/p>\n

Bitcoin Stabilizes Below $18,000 Despite Recent Selloff<\/strong> <\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just over 1% at its current price of $17,900. This marks a massive rise from daily lows of $17,400, but a notable decline from highs of $18,600.<\/p>\n

Despite the $1,000+ selloff seen when BTC tapped highs of $18,600 late last night, the cryptocurrency has stabilized ever since and is now trying to break back above $18,000.<\/p>\n

Where the entire market trends in the near-term will depend largely on whether or not BTC can gain a firm foothold above this crucial level.<\/p>\n

On-Chain Data Suggests BTC Won’t See Any Mass-Selloff Events<\/strong> <\/strong><\/h2>\n

The CEO of CryptoQuant – an on-chain analytics firm – explained<\/a> in a recent tweet that he does not believe Bitcoin<\/a> will see any more mass-selloff events going forward.<\/p>\n

He contends that the cryptocurrency’s Exchange Whale Ratio is still incredibly low, signaling that large investors are not selling into this rally.<\/p>\n

\n

“Dear BTC shorters, You can call me a moon boy, but unfortunately, there won’t be a mass-dumping like March this year. Exchange Whale Ratio (90-day MA) is still very low. Long-term bullish is inevitable.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Ki Young Ju. Chart via CryptoQuant.<\/pre>\n
Unless so-called “whales” try to front-run Bitcoin’s all-time highs and sell around $19,000, there’s a strong possibility that the cryptocurrency will break above this price and enter price discovery mode.<\/p>\n
Featured image from Unsplash.\nBTCUSD pricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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