Bitcoin price is sideways, silver hits a 7-year high and XRP’s rally pops

Bitcoin (BTC) price spent the day trading in a tight range between $32,000 and $34,000. At the time of writing, the digital asset is pinned below the descending trendline resistance and each attempt to cross above it is met by selling.

Data from Cointelegraph Markets and TradingView show a price increase of 4.14% for the top cryptocurrency, which currently trades at $33,840.

Daily cryptocurrency market performance. Source: Coin360

In light of the sideways price action, Ki Young Ju, the CEO of the cryptocurrency analysis firm CryptoQuant, spotted a potential bullish indicator that may indicate a price breakout in the near future for Bitcoin.

According to Ju, more than 15,000 Bitcoin were recently withdrawn from Coinbase Pro with the outflows going “into custody wallets that only have in-going transactions,” indicating the purchases were likely “OTC deals from institutional investors.” Rallies have followed similar outflows in the past, and Ju sees this as a sign BTC will “protect $33,000 in the short-term.”

Financial markets are still dealing with the antics of r/Wallstreetbets, which has expanded into the cryptocurrency sector via r/Satoshistreetbets and helped initiate the recent pumps in the price of Dogecoin (DOGE) and now XRP.

After rallying 147% to trade at $0.76 overnight, XRP price corrected by 47% and currently the altcoin is trying to retake the $0.40 level.

In other news, Kraken cryptocurrency exchange joined Grayscale Investments in its effort to fight back against the proposed FinCEN self-hosted wallet rule and the U.S. government’s STABLE Act.

The exchange pledged $100,000 to Coin Center, a Washington D.C.-based cryptocurrency advocacy group whose focus is to educate regulators about digital assets while also advancing the rights of crypto users.

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