Bitcoin Exchange Outflows Soar To Yearly High – Could This Fuel A Return To $70,000?

Quick Summary:

Related Reading: Dogecoin Major Metrics Fire Bullish Signals, Can Price Cross $0.5 As such, Bitcoin addresses have collectively withdrawn over $1.7 billion worth of Bitcoin from various exchanges, marking the largest weekly outflow in more than a year.  Accumulation Trend Amongst Bitcoin Holders According to on-chain data from IntoTheBlock, Bitcoin addresses have been steadily accumulating the coin in the past week.

This points to large whales accumulating through the recent downturn pic.twitter.com/m4INbZmKmB — IntoTheBlock (@intotheblock) August 9, 2024 Such outflow is typically interpreted as a sign that investors are choosing to hold onto their Bitcoin for the long term, which in turn reduces the amount of BTC available for sale on exchanges.  What Does This Mean For Price?

At the time of writing, Bitcoin is trading at $60,989, having established support at $60,000.  Considering the prevailing bullish sentiment, this buying pressure may as well be the momentum that pushes the Bitcoin price to the challenging $70,000 price level.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Price Cryptocurrency Cryptocurrency Market News Btcusd Btc

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-11 @ 16:00:56 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 513 words

Reading Time: 3 minutes read

Sentences: 67 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22017704

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