Bitcoin, the leading cryptocurrency, fell below $54,000 last week amid selling pressure from the German government, Mt.Gox and whales. BTC, which recovered by exceeding $ 58,000 over the weekend, fell back to $ 54,000 in the morning. Bitcoin, which has rebounded recently, is trading around $57,860 at the time of writing.
While there was a large amount of sales in Bitcoin, CryptoQuant analyst stated that he saw bullish signals. The analyst also revealed that one of the largest Bitcoin withdrawals of 2024 occurred on July 5, when 46,000 BTC was withdrawn from exchanges.
The increase in Bitcoin outflows has been interpreted as potentially bullish, with large investors (like whales) moving their Bitcoins into their wallets, indicating their intention to hold them for the long term. The analyst stated that based on historical data, such outflows could be bottom or reversal signals.
According to the analyst, “This chart shows significant net inflows of Bitcoin on spot exchanges at the breakout of over 46,000 BTC on July 5. These outflows can be interpreted as a frequent bullish signal among investors because it shows that Bitcoin has moved significantly off exchanges.”
According to the analyst, "Potential Reversal Zone: Large pullouts may indicate that investors are anticipating a price increase and are choosing to hold their assets rather than selling. Historically, significant pullbacks have been marked by a bottom or reversal as investors may be in a long-term holding position anticipating a price recovery or uptrend." "may indicate its territory."
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