Bitcoin Drying Up On Exchanges, 22,647 BTC Removed in 7 Days

Several cryptocurrency exchanges have experienced significant efflux of Bitcoin (BTC) from their platforms in the last few weeks, a move that suggests sellers may be going out of market.

Bitcoin Price Returns to Under $70K:-

According to technical analyst Ali Martinez, approximately 22,647 Bitcoins were withdrawn across crypto exchanges in the past week. By this figure, a total of $1.57 billion has exited these digital asset trading platforms. These coins are probably leaving the centralized exchanges for storage in other platforms in what might be considered a bullish move.

This new development comes on the wheel of a significant dip in the price of the flagship cryptocurrency. At press time, Bitcoin was trading at $69,326.16 after a 2.35% drop in value within the last 24 hours. The coin recently soared above $70,000, causing excitement amongst investors and crypto enthusiasts. However, it suddenly began a bearish slump on Friday after the release of US jobs data.

Per the data, the United States added 272,000 jobs in May, more than the market expectations, while the unemployment rate soared to 4%.

The coin’s price dip is also suspected to be a function of a decrease in GameStop’s share price, which has had a negative impact on the sentiment in the cryptocurrency market. Bitcoin Dominance metric, an indicator of the percentage of the total cryptocurrency market capitalization that belongs to BTC is looking good. This shows that while Bitcoin price is down and going through a retracement, the coin is still relatively performing better than other digital currencies.

Is Bitcoin Headed Towards a Bear or Bull Season?

The metrics “Crypto Fear & Greed Index” usually shows the market sentiment of digital assets.

This metric has decreased by 1.28% to about 77 and this suggests that the market sentiment is still in the ‘Greed’ territory.

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