đ„The current price of Bitcoin is $65,792.48 per (BTC/USD) with a current market cap of $1,300.05B ââUSD. The 24-hour trading volume is $29.21B USD.
Bitcoin[BTC] has broken above a long-term moving average that previously acted as resistance. This positive trend has continued over the past 24 hours, leaving many investors wondering: Why is Bitcoin rising today?
đ„Bitcoin breaks major resistance
đIn the recent trading session, Bitcoin increased by an impressive 3%, bringing the price to around $65,177.
đCurrently, the uptrend remains intact with a modest gain of less than 1%, taking the price to around $65,400.
đThe 200-day moving average, previously a resistance, is now becoming new supportâa positive sign for the cryptocurrency.
đAnalysis shows that Bitcoin has increased by more than 11% since the beginning of the month. Although the daily fluctuations seem to be slow, the overall trend is still upward.
đ„Many Bitcoins Leave Exchanges
đAnother factor explaining why Bitcoin is up today is the movement of BTC out of exchanges.
đData from CryptoQuant shows that exchange net flows have recently been negative. This means that more BTC is being withdrawn than deposited, suggesting that holders prefer to keep the asset in private wallets instead of selling.
Negative net flow while prices are rising is usually a positive signal.
đThis shows that investors are betting on further price increases and are less inclined to sell. This reduced selling pressure could help BTC price increase further.
>>>>>> Bitcoinâs recent price surge can be attributed to breaking through key resistance levels, a shift in market sentiment toward greed, and more investors withdrawing BTC from exchanges. These factors explain why Bitcoin is rising today, and could contribute to further upside in the near future.
