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Market Moves: Bullish Sign? Bitcoin Transfers From Miners to Exchanges Hit 6.5-Month Low
Technician's Take: Bitcoin Struggles Near Resistance; Support Around $52K

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Laurence Kehoe, BNY Mellon Director of Digital Assets & Blockchain
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These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Algorand (ALGO): +10.3%
Cardano (ADA): +9.4%
NuCypher (NU): +7.8%
Uniswap (UNI): +6.5%

Losers:

Yearn Finance (YFI): -1.4%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bullish Sign? Bitcoin Transfers From Miners to Exchanges Hit 6.5-Month Low

Bitcoin miners continue to reduce their supplies to exchanges in a sign of bullish price expectations.

The 7-day moving average of the daily volume of coins transferred from miners to exchanges fell to 152.77 BTC on Wednesday, the lowest since Oct. 8, according to data provided by Glassnode.
The metric has declined by 80% since topping out at 805 BTC on Feb. 23.
Reduced miner supply to exchanges is taken to represent bullish sentiment among those responsible for generating coins. By choosing to hold onto more of their BTC now, it implies miners anticipate selling them later at a higher price.
Miners mainly operate on cash and are constant sellers in the market, liquidating at least some part of their holdings every day to fund operational costs.

Bitcoin: 7-day average of daily transfers from miners to exchanges (Source: Glassnode)

Miners boosted their supply to exchanges in January and February, meaning peak distribution or profit-taking happened back then.
Glassnode’s miner position change metric, which gauges the 30-day change in the supply held in the miners’ addresses, also shows miners have returned to accumulation mode this month.

Bitcoin: Miner net position change (Source: Glassnode)

The indicator crossed above zero at the end of March, signaling renewed holding by miners, and has now risen to the highest level since September 2018.
The balance held in miner addresses has also increased by over 8,000 BTC to 1,809,992 BTC over the past two months, as per Glassnode data.
However, reduced miner supply to exchanges does not imply a price rally, as it constitutes a small part of the total network volume, as tweeted by Glassnode’s CEO Rafael Schultze-Kraft.
As of Wednesday, miner transfers to exchanges accounted for less than 1% of the total exchange inflow of 32,912 BTC.

Read the original story here:
Bitcoin Transfers From Miners to Exchanges Hit 6.5-Month Low

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Bitcoin Struggles Near Resistance; Support Around $52K

Bitcoin (BTC) continues to stall despite a brief spike towards $56,000 on Wednesday. The cryptocurrency was trading around $54,000 at the time of writing and could approach lower support around $52,000.

Four-hour BTC chart shows support and resistance levels with RSI (Source: TradingView)

Bitcoin remains in a downtrend on the four-hour chart defined by a series of lower price highs since the April 14 all-time high around $64,800.
There is strong resistance from the $60,000 level and around $56,000. The 100-period moving average on the four-hour chart has kept a lid on price movements since the April 17 sell-off.
The relative strength index (RSI) on the four-hour chart is around neutral territory after reaching overbought levels on Tuesday.
For now, it appears that buyers are still in profit-taking mode as BTC drifts towards lower support around $52,000. A decisive break above $56,000 is needed to resume the roughly 15% price recovery from the April 25 low.

Original story found here:

Bitcoin Struggles Near Resistance; Support Around $52K

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In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

Genesis CEO on Q1 Institutional Activity, Ether’s New Record, Bringing Real Estate to DeFi

Genesis, an institutional digital assets services firm, has released its Q1 market observations. CEO Michael Moro has the highlights and insights into institutional activity in the crypto space. Also joining "First Mover," Wyoming Senator Cynthia Lummis on crypto and blockchain-related legislation before Congress and reaction to President Biden's capital gains tax proposal. Plus, Sébastien Derivaux of MakerDAO on using real estate to finance loans.

Introducing CoinDesk Indexes

TradeBlock, the leader in providing crypto asset indexes to financial institutions, will now assume the CoinDesk name.

Introducing CoinDesk Indexes: the industry standard for institutional-grade digital currency price references with billions of dollars in monthly trading volume quoted against them.

Underlying new brand names, TradeBlock's index methodology will continue to adhere to the standards of integrity and reliability that have always differentiated its indexes.

Read more about CoinDesk Indexes, the industry standard in crypto benchmarks.

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Binance’s new venture trading tokenized versions of stocks like Tesla, Apple and Coinbase is bringing unwanted attention from regulators.
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CoinDesk Research: Does Bitcoin Have an Energy Problem?

Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production.
Download the free report.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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