tl;dr
Bitcoin (BTC) investors are withdrawing their assets from crypto exchanges at an increasing rate, while new BTC addresses are on the rise daily. This trend suggests preparations for the expected second leg of the bull cycle and an accumulation period for BTC investors. However, some indicators point...
Bitcoin (BTC) investors are withdrawing their assets from crypto exchanges at an increasing rate, while new BTC addresses are on the rise daily. This trend suggests preparations for the expected second leg of the bull cycle and an accumulation period for BTC investors. However, some indicators point to a potential BTC price correction, including the Coinbase Premium Index (CPI) falling below its Simple Moving Average over 14 days (SMA14), indicating stronger selling pressure. At the time of writing, BTC was changing hands at $65,900, down from the $70,000 region earlier in the week. An analysis from on-chain intelligence platform CryptoQuant revealed that over the past few days, exchanges have witnessed a rising outflow of BTC, even though the leading digital currency has been in a fluctuation area since February. While the outflows from exchanges continue, new BTC addresses are on the rise daily. This uptick in Bitcoin outflow can be a positive signal for the possibility of a BTC price increase and the asset’s exit from the fluctuation area in the future. The surge in BTC withdrawals from exchanges could be linked to investors’ preparations for the second leg of the bull cycle, which is expected to kickstart towards the end of the year. It also suggests an accumulation period for BTC investors as they position themselves to partake in Bitcoin's gains in the coming weeks. The 35% rise in daily new addresses is proof that BTC investors could be accumulating. Although the BTC withdrawals from exchanges and the rise in new addresses are positive factors, some on-chain indicators suggest that a BTC price correction is imminent. One such indicator is the Coinbase Premium Index (CPI), which is below its Simple Moving Average over 14 days (SMA14). A separate CryptoQuant analysis explained that the CPI is currently at -0.008 and the SMA14 is at 0.020, indicating that sellers have a stronger hand in the United States crypto market. Selling pressure on BTC often intensifies when the CPI falls below its SMA14, and this usually triggers price corrections. At the time of writing, BTC had fallen significantly from the $70,000 region and was changing hands at $65,900. Lastly, there are offers from Binance and BYDFi Exchange, promoting special deals.
More about United States Steel Corporation
United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.
Industry: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Market Cap: 9.15B
Current Price: $11.76
Price Change: $0.20
Change Percent: 3.46%
PE Ratio: 79.23
EPS: $0.0489
Revenue: 17.74B
EPS Estimate Current Year: $45.11
EPS Estimate Next Year: -$0.129
EPS Estimate Next Quarter: -$0.069
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