Will Bitcoin finally hit $40,000 as investors move $300 million in BTC?
Bitcoin (BTC) price has rebounded above the $37,500 mark on Friday, as markets recovered from the shock caused by the leadership change at Binance. On-chain analysis explores how the BTC price bounce could turn into a prolonged price rally.
BTC price has returned to an upward trajectory, shaking off the initial bearish reaction to the surprising ouster of Binance founder Changpeng Zhao. Vital on-chain moves suggest the recent market shakeout could push Bitcoin price to a new high in 2023.
Investors move $300 million in BTC
Bitcoin price staggered to a weekly low of $35,800. This move came as markets surrendered to a wave of fear, uncertainty and doubt (FUD) following CZ's exit on Wednesday. However, the pioneering cryptocurrency has since rallied 6% to recover $37,800 on Thursday.
Far from sensationalist media headlines, recent on-chain data trends show that BTC investors have begun to make strategic bullish moves.
Crypto Quant exchange reserve charts show that investors have shifted 8,606 BTC into long-term storage since the news broke on Wednesday.
Read more: Bitcoin (BTC) Price Prediction: 2023, 2024 and 2035
The chart below shows total Bitcoin deposits on cryptocurrency exchanges, which stood at 2,039,470 BTC on November 20. However, investors have since withdrawn 8,606 BTC from exchanges, reducing the total market supply to 2,030,864 BTC.
