The post Bitcoin Sees Largest Exchange Outflow Since November 2022: Bullish Sign! appeared first on Coinpedia Fintech News
With the beginning of a bullish month of the year for crypto, Bitcoin’s price has taken a big hit due to rising tensions between Iran and Israel. Amidst this Bitcoin has seen a massive outflow from exchanges, marking the largest withdrawals since November 2022. This surge in outflows signals a strong belief among investors that Bitcoin’s price will shoot up soon.
Bitcoin Record Larget Outflows
According to the latest on-chain data from CryptoQuant, Bitcoin is experiencing its largest outflow from exchanges since November 2022. Such massive withdrawal is observed across all major timeframes, including the 30-, 50-, and 100-day moving averages, indicating that more Bitcoin is being withdrawn from exchanges, signaling a potential shift in market sentiment.
Largest outflow of #Bitcoin from exchanges since November 2022“On-chain data shows an increase in Bitcoin outflows from exchanges – all three 30-, 50-, and 100-day moving averages show this.” – By @CryptoOnchain Full post https://t.co/7bGv7ilvHH pic.twitter.com/cDvJi0BdRf
— CryptoQuant.com (@cryptoquant_com) October 3, 2024
When Bitcoin moves off exchanges, it usually suggests that holders are transferring their assets into cold storage, possibly with a long-term mindset. This action often points to bullish sentiment, as investors believe in Bitcoin’s price growth and prefer to hold onto their assets rather than sell them.
This large outflow could have a direct impact on Bitcoin’s price. With fewer Bitcoins available on exchanges, the reduced supply could lead to higher prices, especially if demand remains strong.
Miners Reducing Bitcoin Inflow
Meanwhile, Coinpedia has reported that Bitcoin miners are reducing the amount of Bitcoin they send to exchanges. This change comes after a noticeable increase in their sales following the Bitcoin halving.
This shift is important because it suggests that miners may be changing their outlook on Bitcoin. Historically, when miners decide to hold onto their Bitcoin rather than sell it, it often signals a positive, or bullish, outlook for the cryptocurrency.
BTC Price Analysis
Bitcoin is holding steady above $60,959, and it might be preparing for another rise. On the upside, the price could face resistance around $61,400, with the next major hurdle at $61,750.
Bitcoin could face resistance around $61,400. If it manages to break through this, the next significant hurdle is the $61,750 level, which aligns with the 76.4% Fibonacci retracement mark. A clear move above $61,750 could push Bitcoin higher, with $62,350 being the next major target.
However, if it fails to break above $61,750, the price could fall again. Immediate support is near $60,450, with stronger support at $60,000. If Bitcoin drops further, it could reach the $59,850 or even $58,800 levels.
