• Bitcoin [BTC] has traded in the $21.6k region over the past few days, with buyers determined to defend this support level.
• ApeCoin [APE] is likely to follow BTC if it sees a rally in the coming days.
• The exchange flow balance shows selling pressure spikes in recent days.
Bitcoin Trading at $21.6K
Bitcoin [BTC] has been trading within the $21.6k region for the past few days, with buyers determined to defend this support level. Beneath the $21.2k-$21.6k area, there is no significant support until $20k and $19.6k.
ApeCoin Following BTC
If Bitcoin sees a rally in the coming days, ApeCoin [APE] will also likely follow suit as it stands in a deep retracement from its mid-January uptrend that won’t be broken until falling beneath $4-$4.5. However, when APE descended below $5.29, it broke its market structure and was met with another zone of support between $4.5 and $4.95 – along with a horizontal level of significance at $4.6 which is likely to be retested once more before any bullish reversal takes place on lower timeframe market structures..
APE Worth Today
As of today, 1 APE Coin is worth approximately 5 USDT and 10 APE Coins are worth approximately 50 USDT while 100 APE Coins are worth approximately 500 USDT according to CoinGecko’s data for ApeCoin (APE).
Exchange Flow Balance Show Selling Pressure Spikes
The On-balance Volume (OBV) showed minimal retracement despite large spikes in assets being transferred into exchanges as seen by Santiment’s exchange flow balance metric which saw positive balances of 800k and 700k on successive days suggesting that these assets were most likely sold off leading to APE falling from its previous price of 5$ down to 4$. Additionally, there were no noticeable spikes on the age consumed metric indicating that these assets may not have been held by long term holders looking for profit taking after 20 January which could explain why 30 day MVRV ratio fell into negative territory following this fall in prices..
Conclusion
In conclusion, if Bitcoin rallies in the near future then ApeCoin will likely follow suit but bearish pressure still remains strong amidst signs of profit taking from short term holders as well as large amounts of assets being transferred into exchanges leading to further price drops however buyers can look for lower timeframe market structures for signs of bullish breaks before buying back into Apecoin (APE).