#Bitcoin #binance #BitcoinTrends" #bitcoinhalving #BTC🔥🔥🔥🔥🔥
Bitcoin (BTC) is flying off exchanges as the digital asset market moves sideways, according to a popular crypto analyst.
Trader Ali Martinez tells his 630,700 followers on social network X that around 22,647 BTC, worth more than $1.57 billion, has been withdrawn from cryptocurrency exchanges in the past seven days.
Martinez also notes that the number of daily Bitcoin addresses recently broke a downward trend that began on March 5th.
“In [24 hours], 765,480 BTC addresses were active. This surge in network activity is a positive sign that the BTC bull run will continue.”
The analyst says Bitcoin is “established in a strong support zone” between $69,380 and $67,350. In this price range, 964,000 BTC were purchased across 1.97 million addresses.
Martinez explains,
“Holding this level is critical for BTC to maintain upward momentum.”
The trader also studies the cumulative number of Bitcoin Value Days Destroyed (CVDD). The coins destroyed in days metric takes into account the value of each Bitcoin transaction, giving weight to the number of days since the coins were last moved. CVDD tracks the cumulative total of coins destroyed in days as a ratio to the age of the market and is used to identify potential market tops and bottoms.
Martinez says CVDD indicates Bitcoin's next potential local top could be around $89,200.
At the time of writing, BTC is trading at $67,058.
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