Bitcoin (BTC) outflow from stock exchanges is increasing: Are new highs on the way?

#Bitcoin (BTC), which has been losing blood in recent days, has given hope to investors with the heavy outflows from stock exchanges.

Bitcoin ($BTC ) experienced a 5 percent decline last week. As of the writing of the news, the leading cryptocurrency is trading at $95,300 and is below the critical $100,000 level. Along with the volatility in Bitcoin, BTC outflow from crypto exchanges has increased.

According to data from crypto data platform CryptoQuant, Bitcoin's net outflows from cryptocurrency exchanges exceeded $2.5 billion last week. Outflows from stock exchanges mean that crypto assets are being withdrawn from stock exchange wallets. When the outflow of an asset increases, this indicates that investors prefer to keep their assets in private wallets and avoid trading or selling. This development is generally considered a bullish signal.

The positive funding rate in Bitcoin increases short-term bullish expectations. The funding rate in futures markets is currently at 0.0081. When an asset’s funding rate is positive, it means that long positions are paying short positions. This data indicates that the market is generally bullish and prices are expected to rise.

The general decline in the market caused the #Bitcoin price to fall below the Leading Span A level of the Ichimoku Cloud. This level is located in the $100,000 band as a resistance. The Ichimoku Cloud tracks the momentum of an asset’s market trends and determines potential support/resistance levels.

When the price trades below the Leading Span A level of the Ichimoku Cloud, it indicates that selling pressure is strong and buyers are having difficulty pushing the price higher. This scenario can signal a potential downside unless the price breaks above the cloud again.

If the Bitcoin price breaks through this resistance, it could carry its price to ATH ($108,388). In a scenario where this resistance is not broken, the price is expected to pull back to $95,690.