Despite recent price volatility, Bitcoin continues to see robust accumulation. Data shows a significant outflow of Bitcoin from exchanges, suggesting a tightening supply and weakening selling pressure. This, coupled with strong buying interest during recent dips, hints at a potential new upward trend.
Bitcoin ( BTC ) has been demonstrating a robust accumulation trend, characterized by sustained inflows to offline wallets despite recent price fluctuations between $91,000 and $105,000. According to Joao Wedson, founder of crypto analytics firm Alphractal, approximately 5 million BTC have exited exchanges since 2020, signifying a strong 'holding' strategy among investors. Wedson emphasizes this shift in the market dynamics , stating, '4.
85M BTC have left Exchanges since February 2020! The Exchange Flux Balance shows a massive shift. Since 2020, the game has changed—everyone wants Bitcoin at all costs.'This significant outflow of BTC from exchanges suggests a tightening supply of readily available Bitcoin on centralized platforms. This potential supply squeeze, coupled with dwindling selling pressure, could fuel a substantial price surge for Bitcoin. Supporting this notion, data from IntoTheBlock reveals that exchange flows have been negative for the past seven trading days. Concurrently, Bitcoin experienced a decline of over 7% during the same period, dropping from $109,000 to $97,000 before regaining some ground to reach around $100,000 at the time of writing. Notably, this dip was met with strong buying interest that capitalized on the discounted prices. Further reinforcing the bullish outlook, CryptoQuant pointed out a notable decline in taker sell volume on the Binance exchange over the past week. This suggests waning short-term weakness among short-sellers. CryptoQuant analysts comment, 'As the influence of sellers diminishes, buyers may step in, potentially leading to a new upward wave.' Taken collectively, these indicators point towards a possible explosive rally for Bitcoin in the near future. The upcoming Federal Reserve rate decision could provide further insights and clarity on these market expectations
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