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Friday, September 17, 2021

Price analysis 5/14: BTC, ETH, BNB, DOGE, ADA, XRP, DOT, BCH, LTC, UNI

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The Crypto Fear and Greed Index has dipped to levels not seen since April 2020, indicating that traders are nervous about Tesla backtracking on accepting Bitcoin (BTC) payments, Bitcoin’s multi-week technical weakness and U.S. regulator’s supposed investigation into the business operations of Binance exchange. 

This nervousness also led to a massive inflow of 30,000 Bitcoin to the exchanges, the highest number since the March 2020 crash. This suggests some traders are booking profits on their long positions. CryptoQuant CEO Ki Young Ju said that whales have continued to send more coins to exchanges than usual, implying that near-term bearishness may not be over yet.

Price analysis 5/14: BTC, ETH, BNB, DOGE, ADA, XRP, DOT, BCH, LTC, UNI
Daily cryptocurrency market performance. Source: Coin360

However, popular statistician Willy Woo believes that recovery after the Elon Dump has started and analyst William Clemente also painted a positive picture as he said that “Bitcoin held up very well” given the “largest day of exchange inflows since the March crash last year”.

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The short-term picture is uncertain with analysts divided in their opinions, but what does the long-term picture project? Let’s analyze the weekly charts of the top-10 cryptocurrencies to find out.