Bitcoin Bargain Hunters Take Advantage of Exchange-Specific Price Discrepancies
Bitcoin prices have dropped, and traders on Kraken and Coinbase are seizing the chance to buy at discounted rates.
According to CCData, buy-sell ratios on these platforms are higher than on other exchanges. The average buy-sell ratio on Kraken has reached 250%, and on Coinbase, it is 123%.
This trend indicates more vital buying interests, especially from more prominent investors.
Increased Buying Activity on Kraken and CoinbaseBargain hunters on Kraken and Coinbase are buying Bitcoin at what they believe are discounted prices. For context, bargain investors buy assets at a discounted rate, expecting the price to rise later.
According to CCData, the buy-sell ratios on Kraken and Coinbase have averaged 250% and 123%, respectively. Notably, more buyers than sellers indicate intense buying interest on these exchanges.
In contrast, exchanges like Bybit and Binance have near-equal buy-sell ratios of 99% and 97%.
CCData analyst Hosam Mahmoud said, Kraken and Coinbase have recently been the preferred venues for accumulation." This buying activity indicates that more prominent investors or institutions may drive these trades.
The average trade size on Kraken is $2,148, and on Coinbase, it is $1,321. Bybit and Binance, in comparison, see smaller trades, with average sizes of $898 and $747, respectively.
Bitcoin Prices Recovering After DipThis indicates that in this timeframe, Kraken and Coinbase tend to attract larger trades, likely from institutional or long-term investors, while Bybit and Binance appear to cater more to smaller, frequent trades," said Mahmoud.
Bitcoin has steadily declined after hitting $65,000 on August 25. The bearish momentum continued this month, falling from $60,000 to $52,500 on September 6. However, it has recovered to around $58,000, showing strong resilience.
BTC has recorded a slight 2.55% increase over the past day and 3% in the last seven days. Its 24-hour trading volume of $36.77 billion has jumped more than 20%.
The robust buying activity on Kraken and Coinbase may support the price and signal a potential recovery.
Cryptocurrency analyst Kevin Svenson has expressed optimism about Bitcoin's future. In a recent video, Svenson said, Bitcoin is likely just a couple of months away from a new all-time high."
He believes that Bitcoin's current dip is part of the normal market cycle and that the price will rise again.
Svenson pointed out that Bitcoin forms a descending, broadening wedge pattern, typically a bullish signal. Bitcoin could surge by as much as 63% from its current level if the wedge pattern plays out.
He explained that measuring the wedge pattern gives a target price of $89,000 to $92,000. The target becomes something like $92,000 roughly," Svenson said.
This bullish prediction has sparked interest among traders who are now watching for any signs of a breakout. Overall, the increased buying on Kraken and Coinbase and Svenson's bullish outlook suggest that traders are confident in Bitcoin's future.
With strong demand from large investors, Bitcoin could be on the verge of a significant recovery.
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