Why Bitcoin [BTC] is due for a mid-week bullish relief, as per these findings

Bitcoin addresses holding at least 1,000 BTC have been accumulating for the last four days. This confirms that the recent exchange outflows are backed by favorable whale activity.

. The latest data revealed that Bitcoin exchange outflow volume outweighed exchange inflow volume by slightly over 4000 BTC.Are these exchange flows enough to trigger a price pivot? Well, the answer will largely be determined by whale activity. Strong demand from whales will certainly influence market direction.Bitcoin addresses holding at least 1,000 BTC have been accumulating for the last four days. This confirmed that the recent exchange outflows were backed by favorable whale activity.

Retail demand is also leaning on the bullish side. Last week, we saw a decline in daily active addresses to the lowest level during Monday’s trading session. However, the last 24 hours were characterized by a surge in the number of active addresses. This may indicate that the market was regaining some confidence at the time of writing.The combination of renewed retail activity backed by healthy demand from whales may lend favor to the bulls.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin: Here’s why holders may not consider the BTC slump an opportunityAlthough BTC's decline seems like another ray of opportunity, this metric suggests that holders who are looking for quick gains should be cautious.
Read more »

Bitcoin [BTC]: Of Epoch drawbacks and surging adoptionWith about 368 days until miners get their next major reward, more retail and institutional investors have assembled to participate in the Bitcoin network.
Read more »

Bitcoin Ordinals: Miner fees breaks new record, assessing the effects on BTCBitcoin Ordinals reaches unprecedented heights, breaking fee records and surging in popularity, while BTC price cautiously recovers with modest gains, charting its course.
Read more »

Bitcoin loses over 2% after Binance halts withdrawals twice, moves $4.4 billion BTC(Kitco News) - Bitcoin has started the week under pressure as Binance, the world’s largest crypto exchange, halted withdrawals of the number-one cryptocurrency twice in 12 hours after a move of 157,000 BTC sparked fears of a mass exodus from the exchange.
Read more »

Bitcoin [BTC] FUD on the rise: Are Binance and Robinhood to blame?Binance and Robinhood begin to face issues in terms of withdrawals. FUD amongst traders rises as short positions taken increase.
Read more »

Litecoin [LTC]: Bears gained ground – Will bulls defend the $80 support?Litecoin [LTC] is stuck in a bearish structure as BTC faces elevated short-term selling pressure.
Read more »