Over the past 24 hours, investors have withdrawn tens of thousands of bitcoins from the Coinbase exchange. The outflow was about 30,000 coins. Thus, the BTC balance on the trading floor fell to its lowest level since May 16.
The reduction in the market supply of the asset had a positive effect on its value. This morning, the bitcoin rate jumped to $31,447, but the coin soon corrected again, as pressure increased from investors who purchased cryptocurrency at prices ranging from $31,500 to $32,000.
Nevertheless, analysts note that it is unlikely that BTC will fall below $28-29,000. A zone of strong support for cryptocurrency has formed here. The formation of a whale cluster in the area has previously been pointed out by the WhaleMap team.
Against the backdrop of stagnation, the Bitcoin dominance index is growing. On June 7, this figure reached an eight-month high of 46.7%.
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The last time BTC dominance was this high was last October.
Capital is gradually moving into bitcoin, which will negatively affect the positions of other cryptocurrencies.
The return of investors to the accumulation strategy does not at all mean rapid price changes. This process can be lengthy, and during this time, the bitcoin rate will strengthen at a minimal pace, Rekt Capital predicts.