bitcoin-news/crypto-market-cap-soars-1-5-trillion-milestone-achieved-bitcoin-sets-new-record/” target=”_blank” rel=”noopener nofollow”>bitcoin Investors They seem to be gearing up for action with an interesting time to pull out of the trades. In the last two weeks, a lot of money has moved from exchanges, as shown by on-chain data. In the last two weeks, nearly 25,000 btc worth over $1 billion have been withdrawn from major crypto exchanges.
The question that arises now is whether or not this would trigger a resumption of the bitcoin bull market, among other current factors in the crypto industry.
Bulk Exchange Transfer
bitcoin-price-rockets-past-38000-hits-highest-peak-since-may-2022-details/” target=”_blank” rel=”noopener nofollow”>bitcoin surpassed $38,000 last week, but has had difficulty getting above the price level. Despite this, the asset’s price continues to show signs of strength despite corrections in many cryptocurrencies. Data from CoinMarketCap shows that bitcoin is up 3.17% in a 7-day period.
Data from crypto analytics platform Glassnode indicates that bitcoin bulls are accumulating for the long term in anticipation of higher prices. crypto analyst Ali Martínez noted this bullish accumulation pattern in a post on his social media platform X.
According to the analyst, the bitcoin balance metric on Glassnode exchanges shows that around 25,000 btc worth almost $1 billion have left exchanges in the last two weeks. When bitcoin leaves exchanges, it usually means that investors hold it for the long term.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin | Around 25,000 $btc have been removed from acquaintances crypto?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#crypto Changed wallets in the last two weeks, worth almost a billion dollars! pic.twitter.com/RLwV3iOR7b
—Ali (@ali_charts) November 25, 2023
bitcoin (btc) is currently trading at $37.593. Chart: TradingView.com
A large portion of this currency outflow can be attributed to Binance. The cryptocurrency exchange and its former CEO, Changpeng Zhao (CZ), have recently come under attack from US regulators, prompting investor withdrawals in recent days. According to data from CryptoQuant, Binance’s bitcoin reserves were reduced by more than $200 million since CZ resigned as CEO.
Are bitcoin Bulls Preparing for a Rise Past $38,000?
bitcoin-news/binance-trigger-historical-bitcoin-bull-run-signal/” target=”_blank” rel=”noopener nofollow”>Withdrawals from exchanges They are generally a good phenomenon for crypto assets as they reduce the amount of cryptocurrencies available for sale. The more bitcoin leaves exchanges, the tighter the supply becomes, which could drive the price up.
Featured crypto Analysts bitcoin-news/trader-bitcoin-will-inevitably-breeze-past-70000-heres-why/” target=”_blank” rel=”noopener nofollow”>have pointed that bitcoin fundamentals have never been stronger. The past few months have seen many bullish price predictions as investors continue to wait for the approval of bitcoin spot ETFs in the US and the upcoming bitcoin halving.
Various bitcoin spot ETFs applications are under reviewand many expect approvals in late 2023 or early 2023. According to blockchain analytics firm Glassnode, these spot ETFs have the potential to generate a $70 billion inflow into bitcoin.
bitcoin has btc/bitcoin-price-aim-for-40k/” target=”_blank” rel=”noopener nofollow”>surpassed several price resistances since mid-October. The next major resistance level would be $38,000. Breaking that could really ignite the bulls and send bitcoin into a bitcoin/analyst-sounds-warning-this-might-be-your-last-chance-to-buy-bitcoin-below-40000/” target=”_blank” rel=”noopener nofollow”>run up to $40,000 or more.
Featured image from Unsplash
