BTC fell again as it approached $53,000

Şükriye Akdeniz

Sep 7, 2021

The cryptocurrency market is down 10% in the last 24 hours, all cryptos, including BTC, suffered from the drop

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Bitcoin reached its highest level since May 11 today. For BTC approaching 53 thousand dollars, this has been a new record of recent times.
Backing the recent momentum, Bitcoin climbed as high as $53,000 during Asian trading today. Thus, the highest level of the last 17 weeks was seen.
Blockchain analytics provider Glassnode said it looks like institutions are redirecting the momentum.
“Renewed optimism follows positive price action, while blockchain transaction volumes point to an increase in the dominance of large and institutional-scale capital.”
According to data from the Glassnode on-chain analytics service during the BTC rise, Bitcoin balances on the exchange have now dropped to a one-year low, with about 2.5 million BTC remaining in exchange wallets. While the biggest outflow occurred in the US-based Coinbase exchange, Binance was the only exchange to face the inflow of funds.
The main reason for a nascent trend in the market was the price action of Bitcoin and other cryptocurrencies. The recent consolidation in the market did not lead to a large increase in foreign currency inflows, it only resulted in a redistribution of funds among their owners.
The 10% decline in the cryptocurrency market also affected Bitcoin's climb to the $53,000 band, and Bitcoin started to hover around 47 thousand again.

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