Crypto Chronicle
  • Home
  • News
  • Bitcoin
  • Bitcoin (BTC) Bulls are Back as 57,000 BTC Leaves Exchanges in One Day
Bitcoin Exchanges

Bitcoin (BTC) Bulls are Back as 57,000 BTC Leaves Exchanges in One Day

As Bitcoin looks set to confirm a solid hold above $40,000, on-chain evidence indicates that bullish sentiment has returned to the market. After recording eight straight days of green candles and a week that saw Bitcoin add $10,000 to its price, could this finally be the recovery we’ve been waiting for?

According to data from CryptoQuant, Bitcoin recorded its largest single-day exchange outflow in a year. Almost 57,000 BTC worth $2.3 billion was moved to cold storage, web wallets, or other long-term storage – a strong sign that investors believe Bitcoin will continue up from here. However, much of this movement could come as a result of major exchange Binance reducing its non-KYC withdrawal limit from 2 BTC to 0.06 BTC.

The push for $40k

The $40k mark has historically proven to be a tough resistance level, rejecting Bitcoin heavily on 8 January earlier this year and sending it back down to $30,000. However, a strong recovery saw it break $40k almost exactly a month later – could we see that same action happen again in August?

Depending on who you speak to, we could go either way from this point. A poll by the popular trader and controversial Crypto Twitter voice Dave the wave (@davthewave) shows that community sentiment is fairly balanced, with just over half of responders believing this is just a temporary bounce. At the time of print, less than half of responders felt we’ll see another all-time high (ATH) from this point.

Other positive indicators include data from which shows a huge increase in open options interest on BTC’s $50,000 strike price. Clearly, a lot of people somewhere think we’re going up further from here. However, Bitcoin’s relative strength index (RSI) – which has now broken above the significant 70 marker – shows signs of moving into overbought territory. This means we will likely see a brief correction back into the mid-to-high $30k range before BTC makes a more definitive attempt at breaking $40k.

Related posts

First France, Now Finland Assigns Regulatory Body to Oversee Crypto Activities Following Bitfinex Scandal

Mark Hartley

Bitcoin (BTC) Rally Stalls After 8 Days of Gains

Mark Hartley

The Popular Japanese Crypto-Trading Platform Liquid is Now Worth One Billion Dollars

Mark Hartley

Leave a Comment

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.