Bitcoin is still struggling below $17,000 and centralized exchange inflows and inflows seem to be mirroring the trend of the digital asset. Over the last 24 hours, the net flows from exchanges have been seeing a near balance between inflows and outflows.

Balancing Each Other Out

The exchange net flows reported by Glassnode show barely any difference between the amounts flowing into and out of exchanges. For bitcoin, it recorded $538.6 million worth of BTC flowing into exchanges and $557.4 million flowing out for the same time period. This brought net flows to a measly negative $18.8 million in the 24-hour period.

Ethereum was not much different in this regard with $247.8 million in inflows and $245 million in outflows. For the second-largest cryptocurrency by market cap, net flows were at a positive $2.8 million, showing even less disparity compared to bitcoin.

The USDT stablecoin issued by Tether was still very muted in this regard. The $563.6 million in outflows compared to $572.8 million in inflows brought its net flows to a positive $9.2 million. More disparity compared to ethereum but is just as muted.

Daily On-Chain Exchange Flow#Bitcoin $BTC
$538.6M in
$557.4M out
Net flow: -$18.8M#Ethereum $ETH
$247.8M in
$245.0M out
Net flow: +$2.8M#Tether (ERC20) $USDT
$572.8M in
$563.6M out
Net flow: +$9.2Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) December 22, 2022

What This Means For Bitcoin

With the FUD around the Binance crypto exchange losing steam already, there is not much to trigger either large inflows or outflows at a time. This is why these top assets are seeing almost identical net flows. The market is still reeling from the contagion of the FTX collapse and traders and investors alike are refusing to take any big bets.

The impact of this has been that the price of bitcoin has not seen any meaningful movement. While it continues to maintain its critical support level above $16,500, there has been not much momentum to help it retest the $17,000 resistance level.

BTC falls below $16,700 | Source: BTCUSD on  TradingView.com

Investor sentiment is also holding steady around 28 on the Fear & Greed Index, putting investors out of the misery that is extreme fear but also leaving just enough caution in the market to prevent any panic buying or selling.

If momentum fails to pick up, decreased trading volume around the holidays for the next two weeks could push bitcoin below the $16,000 level. If this happens, then the digital asset could end up closing the month of December in the red.

BTC is changing hands at $16,690 at the time of this writing. It is down 4.94% in the last 7 days and 0.23% in the last 24 hours.

Featured image from Vauld, chart from TradingView.com

Data shows the latest Bitcoin rally has failed to make the 30-day volatility budge, as the metric has remained at 2-year lows.

Bitcoin 30-Day Volatility Currently Has A Value Of Just 1.7%

As per the latest report released by Arcane Research, BTC’s price stabilizing around $20.5k has resulted in the daily volatility remaining low.

The “daily volatility” is an indicator that measures the percentage changes in the daily closing price of Bitcoin averaged over a specific period of time.

While this timespan can be of any length, the 7-day and 30-day volatilities are the most common and useful version of the metric.

When the daily volatility has a high value, it means the crypto’s price has been observing large fluctuations recently.

On the other hand, low values of the indicator suggest that the market has been stale during recent days.

Now, here is a chart that shows the trend in the Bitcoin weekly and monthly volatilities over the past year:

The value of the two metrics seems to have been pretty low in recent weeks | Source: Arcane Research's Ahead of the Curve - Nov 1, 2022

As you can see in the above graph, the 7-day Bitcoin volatility has been at a low level for a while now, and the 30-day version of the metric has also plunged down recently.

The 7-day volatility has actually slightly gone up in the last week as a result of the rally, reaching a value of 2.2%. This is, however, still notably lower than the 3.1% yearly average of the indicator.

After the monthly volatility’s recent decline, the metric has hit around 1.7%, a low level not seen since two years ago. The reason for such low values of this indicator is the endless consolidation that the crypto observed around the $19k level.

While there has been some burst of activity recently, it hasn’t been enough to make a dent on this timescale.

Another contributing factor is that since the initial chaotic increase, Bitcoin has once again fallen back to sideways movement, this time around the $20.5k level. This is why the 7-day volatility, though higher than before, is still historically low.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.4k, down 1% in the last week. Over the past month, the crypto has gained 6% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has so far held above the $20k mark | Source: BTCUSD on TradingView

Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, Arcane Research

Bitcoin has been taking hit after hit from bears who want to see the price of the digital asset crumble to its lowest point. This has led to struggles on the part of bitcoin to keep up its price. However, with so many events working against the crypto industry and a large number of investors pulling out of the market, the digital asset has had a hard time maintaining its price above its last cycle high.

Bitcoin Falls Below $20,000

Bitcoin’s price has now fallen below $20,000 for the third time this year with so many hurdles in between. After struggling to maintain $22,000, the bears had once again seized control, which resulted in another dip. Bitcoin’s fall to the $19,000 level carries the same implications as it has the other times but one thing that differentiates them is where the price had peaked before it made this fall.

Related Reading | Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible?

It is not surprising given the rate at which money is moving out of the digital asset. It is nowhere near the previous bottoms of other bear markets. However, investors have been taking heavy losses due to the fact that the crash in June was one of the worst crashes ever recorded in the history of the cryptocurrency. 

Reports even show that those who have held their coins for 3-5 years, who would normally still be in some profit even during a bear market are selling their coins for a 33% loss on average. Such high loss margins speak even worse for shorter-term investors who have been recording the worst losses.

BTC loses footing above $20,000 | Source: BTCUSD on  TradingView.com

Profitability Begins To Fall

For most of the market crashes, the profitability for bitcoin holders has been holding up and remained in the majority. This was due to a large number of bitcoin holders being long-term investors and the digital asset maintaining above its previous cycle peak. However, as bitcoin has dropped below $20,000, its profitability has declined drastically.

Data from IntoTheBlock puts into perspective just how much profitability has declined in the last couple of months. The number of holders in losses and profit is now at an equal percentage, with 48% on each side. The remaining 3% of holders are simply in the middle at this point.

Related Reading | Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided

The exchange inflows highlighted on the platform speak volumes about the sell-offs that have been happening in the space. In the last seven days, there have been $4.14 billion worth of inflows, and although outflows have surpassed this with a volume of $4.27 billion, it shows that investors are still selling almost as much as they are buying.

As for bitcoin’s price, it remains below the coveted $20,000 level. Now trending at $19,800 at the time of this writing, the digital asset is more than 71% down from its all-time high.

Featured image from US News Money, charts from TradingView.com

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Bitcoin has hit a roadblock in its recent upward trajectory. After the digital asset had successfully broken above $47,000, it had been subsequently beaten down by the bears. This was a result of an important resistance point that proved impossible for bitcoin to beat at the time. It continues to struggle with this point even now and has declined into the $44,000 territory. This point remains the level to beat for the cryptocurrency to once more register a bullish trend.

Bitcoin Fails To Break Resistance

Bitcoin establishing a bullish trend can sometimes be a tricky thing. This is due to the fact that as the price grows, the resistance being mounted by bears at various levels becomes increasingly hard to beat. This was the case at the $47,500 level where bitcoin had met significant resistance. Failure to break above this level had sent the digital asset spiraling back down and eventually landing in the low $40,000s.

Related Reading | TA: Bitcoin Tops Near $47K, Why The Bulls Must Defend $45K

This point is pertinent for bitcoin to beat given that it is the major resistance between the asset and the coveted $50,000 price point. It may not be the previous all-time high but hitting $50,00 surely puts the cryptocurrency on a path to setting another ATH.

$47,500 is an important technical level for BTC which means a failure to maintain a position above this would be brutal, as evidenced by the recent downtrend. After this had been the $45,000 level, where it was presumed bulls had formed significant resistance. However, with BTC tumbling below this point, it is obvious that the support formed at this level fails to rival that of the $36,000 to $38,000 level.

BTC on a downward correction | Source: BTCUSD on TradingView.com

This is nothing more than a correction though after a tremendous bull run, notes Egor Volotkovich, Executive Director of cross-chain solutions at EVODeFi. “Bitcoin is leading a general market correction today as it retested the $45,000 support level after surging to a 24-hour high of $47,106,” said Volotkovich. “The correction is a somewhat temporary breather that the BTC investors are exhibiting following periods of consistent growth and resilience across the board.”

Moving Towards Better Things

In the long term, Bitcoin continues to look better. The digital asset which had broken above its 50-day moving average had been able to establish a more bullish trend in the short term. Taking this on into the long term.

Related Reading | Bitcoin Retail Reaches Second-Highest Buying Rate In History. Good Or Bad?

It has also formed new support around its 200-day moving average which has always been a sign of good things to come in the past. And with momentum picking up in the last month and buying ramping up both on the institutional and retail level, there is a stronger argument for the long-term profitability of the digital asset.

“With the continuous buying momentum as seen by the inflows into major BTC-hinged products like the Canadian Bitcoin ETFs, the chances that Bitcoin’s momentous growth will be reintroduced in the near future is high, and should this happen, we may see prices retest the $48,000 benchmark before mid-month,” concluded Egor Volotkovich.

Featured image from MARCA, chart from TradingView.com

Ethereum continues to struggle after falling below $3,000. This price point was critical for bulls to hold and ever since bears dragged the price below it, it has been a continuous display of dips and crashes. For a cryptocurrency like Ethereum, there are resistance and support levels that are very important for the digital asset. One of those support levels sits just above $2,500.

So far, the digital asset has managed to maintain above this point. This shows that bulls are mounting significant support. However, with momentum falling and selling pressure up, it remains shaky at this point. For Ethereum to maintain any semblance of balance towards a bull rally, it must beat its next resistance point. This now sits above $2,600, but what is the price doing?

50-Day SMA Continues To Resist

For the short term, there are some important milestones that Ethereum must beat to secure a bullish trend. One of these is the 50-day simple moving average. This points to the average where investors have been purchasing the cryptocurrency for the last couple of weeks. A position above or below this SMA always tells if investors are willing to keep purchasing the coins at a certain price or if they have pulled back.

Related Reading | Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50%

For Ethereum, it had mostly traded above this 50-day SMA for the better part of 2021. However, the new year would prove to be more daunting than expected as crashes have rocked the market. This has seen Ethereum decline alongside the rest of the market. But more importantly, ETH slipped so far down that it has begun trading below the 50-day SMA.

This puts the digital asset at a disadvantage in the short term given that investors are no longer willing to purchase at the average price they have been the past couple of weeks. Sitting at $2,574, Ethereum is well below the 50-day average of $2,891.

ETH falls below 50-day SMA | Source: ETHUSD on TradingView.com

Falling below this SMA does not necessarily mean a bearish trend for the long term but for the short term, the 50-day SMA paints a pretty gloomy picture for the digital asset. Combined with the fact that ETH has also fallen below its 20-day SMA, it seems this period of downtrend might continue.

But Can Ethereum Bounce Back?

Current trends point to what can be assumed to be the beginning stages of another stretched-out bull market but it will not be the first time that investors have been caught in a bear trap before. If so, then Ethereum may not be done just yet with its rally. Rather, there could be another pump-up that could happen.

Related Reading | Abra CEO Predicts Ethereum Could Reach $40,000 – But Some Fintech Analysts Don’t Agree

Some of the longest bullish rallies have been characterized by a long period of low momentum, like the one the market is currently in. Mostly a result of investors accumulating at what they believe to be ‘discount prices’, taking more supply out of circulation and pushing up the value.

For ETH to do that though, it would have to safely beat the next resistance point at $2,654. After which, a solid week of trading above the 50-day SMA. If these are fulfilled, then the digital asset may see itself on another bull rally.

Featured image from Admiral Markets, chart from TradingView.com

Dogecoin (CRYPTO: DOGE) traded 0.9% lower at $0.16 over 24 hours leading up to early Thursday morning.

What’s Moving? The meme cryptocurrency has fallen 4.4% over a seven-day trailing period.

Against Bitcoin (BTC) and Ethereum (ETH), DOGE fell 1.2% and 1.8% respectively over 24 hours.

DOGE has fallen 3.6% over a 30-day period and it has lost 33.1% of its value over the past 90 days.

Since the year began, DOGE has dropped 4.9%. It touched an all-time high of $0.74 in May 2021.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE did not move in tandem with other major coins at press time as the global cryptocurrency market cap rose 0.4% to $2 trillion.

DOGE was among the most mentioned coins on Twitter. At press time, it attracted 624 tweets, according to Cointrendz data.

Bitcoin, Ethereum, and Solana were the top three mentioned coins on Twitter. They attracted 5,416, 2,009, and 1,924 tweets respectively.

Bitcoin is stuck between support at $40,000 and resistance near the $45,000 mark, according to OANDA Senior Market Analyst Craig Erlam. 

DOGE traded lower in line with major coins on Wednesday but for short-term traders, there are indications on the meme coin’s chart that a temporary bottom is in, according to Benzinga’s Melanie Schaffer.

DOGE-bull and Gokhshtein Media CEO David Gokhshtein said Wednesday that DOGE going to $1 “is an easy call.” However, Gokhshtein cautioned his Twitter followers that this was not financial advice.

$DOGE going to $1 is an easy call.

NFA

— David Gokhshtein (@davidgokhshtein) January 19, 2022

On Wednesday, DOGE co-creator Billy Markus interacted with McDonald’s Corp (NYSE:MCD) on Twitter. McDonald’s asked its Twitter followers to “steal a fry” and Markus said he wanted one. McDonald’s served the fry through a now-familiar meme.

pic.twitter.com/RvLwLJABv6

— McDonald’s (@McDonalds) January 19, 2022

There is growing clamor on Twitter and elsewhere for McDonald’s to accept DOGE after Tesla Inc (NASDAQ:TSLA) began accepting the coin for some merchandise on its website.

Markus asked the DOGE family on Twitter to ensure that the tweet response of McDonald’s is “their highest engagement one.”

hey #dogecoin fam let’s make sure this tweet response of McDonald’s is their highest engagement one https://t.co/9nZPRy8p53

— Shibetoshi Nakamoto (@BillyM2k) January 19, 2022

Read Next: Dogecoin Bull Elon Musk Takes A Dig At Cryptocurrency Volatility — With A Meme, Of Course

SHIBA INU (CRYPTO: SHIB) failed to move up in the early hours of Tuesday despite rumors that Robinhood Markets, Inc (NASDAQ:HOOD) would list the self-described Dogecoin (CRYPTO: DOGE)-killer.

What Happened: SHIB traded 0.92% lower at $0.00002796 over 24 hours at press time. Over a period of last seven days, it has fallen 9.11%.

Against major cryptocurrencies, Bitcoin and Ethereum, SHIB fell 1.87% and 0.15%, respectively. 

In the last 30 days, SHIB has run up 262.64%, while over a 90-day period, it has recorded 344.19% gains.

At press time, SHIB traded 28.32% below its all-time high of $0.0000388, which it reached in May.

See Also: How To Buy Shiba Inu (SHIB)

Why It Matters: On Monday, global financial news squawk handle @FirstSquawk tweeted, citing an unnamed source, that Robinhood was said to “list SHIBA INU to its platforms.”

In turn, the online brokerage responded that it had not made an announcement regarding SHIB or any other coins.

SHIB traded between an intraday low of $0.00002642 and a high of $0.0000295 as at press time.

Meanwhile, SHIB saw high interest on Twitter at press time and was mentioned in 4,178 tweets, making it the second most-mentioned coin on the social media platform behind Bitcoin, as per Cointrendz.

This week, it was reported that an anonymous buyer spent nearly $1.2 billion to collect SHIB.

SHIB soared Monday after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk posted a tweet that featured a rabbit-like figure holding a rocket.

Read Next: When Will Shiba Inu Hit Robinhood?