Popular on-chain analyst William Clemente explains what he sees behind the scenes of Bitcoin and the cryptocurrency market in general.
Over the past 24 hours, Bitcoin continued to show signs of weakness as it traded at $32,793, down nearly 10%. Leading smart contract platform Ethereum similarly followed Bitcoin, losing 10.64% of its value.
As the cryptocurrency market struggles to maintain its bullish momentum, Clemente tells his 99,700 Twitter followers that sellers in the BTC market are starting to show signs of exhaustion.
The analyst states that Bitcoin has withdrawn from exchanges at the highest rate since November, and the sales made by short-term BTC holders are now dampened by long-term holders:
Clemente added that while new entrants to the market experience capitulation, he expects Bitcoin to continue to consolidate: