bitcoin price movement last week revealed a number of ups and downs, from starting the week with a new all-time high of $73,780 to falling 12% in the following days to reach below $65,000. crypto data analysts have detected massive amounts of bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors are anticipating further price appreciation.
According to a social media post by crypto analyst Ali Martinez, the total btc balance on crypto exchanges fell by over 21,400 last week, with the creation of 13 new whales, each holding over 1,000 btc.
Withdrawal of btc from exchanges
bitcoin surpassed $73,700 last week to record a new all-time high, but has struggled to gain ground above the price level. Interestingly, it appears that the new all-time high sparked a wave of profit-taking by some investors. However, on-chain and exchange data indicates that bitcoin is still experiencing bullish sentiment from some investors, particularly large investors.
crypto analyst Ali Martinez noted this bullish accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of btc on exchanges has been in free fall since mid-January. Notably, the total btc balance saw a brief surge in the early days of March before resuming a free fall on March 5. In the last week alone, 21,401 btc were withdrawn from crypto exchanges.
As the bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin bull run stops momentarily, it is noteworthy that 21,401 btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc have been removed from crypto exchanges over the past week, and the network has welcomed 13 new whales, each with over 1,000 $btc. pic.twitter.com/oSXaKBR4Z1
– Ali (@ali_charts) March 16, 2024
Similarly, cryptanalysis platform IntoTheBlock noted this outflow pattern during the week. According to ITB, btc withdrawals from crypto exchanges reached their highest point this year on March 15. Interestingly, $750 million worth of bitcoin was withdrawn that day, the highest since May 2023.
More than 750 million dollars $btc was withdrawn from exchanges yesterday, the highest level since May 2023. The majority of these withdrawals originate from Bitfinex ($524 million) and Kraken ($130 million). pic.twitter.com/8d3eIJROhv
– IntoTheBlock (@intotheblock) March 15, 2024
What does this mean for bitcoin?
The bitcoin ecosystem has witnessed significant money movements since the beginning of the year, leading to a sharp rise in the cryptocurrency's prices. However, this rally has since slowed to cause a price correction, and market sentiment has increased. reaching the most negative feeling towards btc from December 2023. bitcoin is currently trading at $68,201, down 3.44% in the last seven days.
After such a strong price increase, it is normal for momentum to slow down as the market consolidates and decides the next move. While momentum has slowed, the overall trend of bitcoin remains bullish.
Judging by the huge amounts of bitcoin recently mined from exchanges, it appears that whales are preparing for a continued rally. bitcoin-a-decades-long-investment-ceo-says-despite-recent-downturn/” rel=”nofollow”>bitcoin now showing signs of a rally, and is now up 5% in the last 24 hours.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Here-is-the-amount-of-BTC-they-got-from-the" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price crashes as trading week opens | Source: BTCUSD on Tradingview.com
Featured image from Business Today, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
