Bitcoin Bullish Signal: BTC Exchange Reserve Plummets
28 Julio 2021 - 2:00PM
NEWSBTC
Bitcoin exchange reserve has fallen off a cliff, on-chain analysis
shows. This behavior is usually a bullish indicator for the BTC
market. Bitcoin All Exchanges Reserve Is Down As pointed out by a
CryptoQuant post, the BTC all exchanges reserve indicator has
surged downhill over the past couple of days. The Bitcoin all
exchanges reserve is an indicator that shows the amount of BTC
stored in wallets of all exchanges. When the metric’s value goes
up, it means more investors are sending their crypto to exchanges.
More BTC in exchanges implies a selling pressure. On the other
hand, when its value goes down, it means investors are sending
their coins from exchange wallets to personal ones. Related Reading
| Bitcoin To Reach New All-Time Highs, Market Strategist Here is a
chart showing the trend in the value of the BTC all exchanges
reserve over the last two months: The BTC all exchanges reserve
seems to have steeply declined | Source: CryptoQuant As the above
graph shows, the metric has fallen down with quite the steep slope.
Just over the past two days, the indicator has dropped more than
100K Bitcoin in value! Since the value of the indicator going down
means more BTC moving out of exchanges, it might mean that there is
a buying pressure in the market. The price should be affected
positively by this. Related Reading | Survey Says! Institutional
Investors Are Still Bullish On Bitcoin A look at outflow charts of
popular exchanges shows massive movement. Coinbase Pro saw 30k BTC
exiting the platform on Wednesday, while Binance, the largest
exchange by trading volume, saw around 29k BTC moving out of its
wallets. A couple of days back, Binance observed huge netflows. The
price moved positively afterwards so that it’s possible that the
all exchanges reserve plummeting will make the price go up this
time too. Bitcoin Price At the time of writing, Bitcoin’s price is
floating around $39.8k, up 24% in the last 7 days. Over the last
month, the crypto has gained almost 15% in value. Here is a chart
that shows the trend in the price of BTC over the last 3 months:
BTC catches a sharp upwards trend | Source: BTCUSD on TradingView
After struggling in a range bound market for quite the while,
Bitcoin has finally gained some of the volatility back. The rapid
price swing of $34.5k to $39.5k was accompanied by the biggest
short squeeze in the history of the coin as short sellers hurried
to cut their loses. The crypto is now testing the $40k resistance
level, and if it can keep the rally up and push through, it’s
likely that the coin will reach the $45k mark. However, if the
level can’t be surpassed, BTC could fall back to a range bound
market.
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