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Bitcoin’s Recent Drop is Internally Influenced: Crypto Analyst

Published 10/13/2023, 03:22 AM
Updated 10/13/2023, 03:45 AM
© Reuters.  Bitcoin’s Recent Drop is Internally Influenced: Crypto Analyst
BTC/USD
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  • The recent downward pressure on bitcoin is not influenced by external news factors.
  • A return of institutional investors could trigger a bitcoin selloff.
  • The institutional investors would have to buy bitcoins from the retail investors.

According to Nick, a presenter on the Cheeky Crypto YouTube channel, the recent downward pressure experienced by bitcoin (BTC) is not influenced by external news factors. In a recently uploaded video, Nick noted that apart from the U.S. inflation data, there is scarcely anything of note in the news that could have been responsible for BTC dropping below $27,000 in the last 24 hours.

Although there isn’t much in the news concerning bitcoin, Nick observed that there were 48.7 million total addresses on the bitcoin network, with only 903,210 active 24 hours before his presentation. From the data overview, Nick noticed that 610,686 addresses received bitcoins, while 560,331 sent them.

From the data overview, Nick deduced that there is an overlap between bitcoin senders and receivers, leaving a few pockets of those just sending or receiving the flagship cryptocurrency.

During the analysis, Nick noted that there were 265,623 B…

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