Bitcoin is quickly leaving exchanges. On September 30, about $668.07 million worth of 34,723 BTC left cryptocurrency exchanges.
The fact that Bitcoin is leaving exchanges shows that traders are confident in the asset. Large wallet investors are bullish on BTC as we head into the fourth quarter of 2022.
The price of Bitcoin went up 22% the last time a lot of it left an exchange, according to data from Santiment, which tracks crypto intelligence.
Bitcoin has been removed from exchanges.
In the last three days, exchange reserves have gone down every day. CryptoQuant says that the number of Bitcoins held on exchanges has dropped by 60,000 in just three days. This is the most BTC that has been taken out of exchanges in months, which shows that buyers and demand for Bitcoin have come back after months of going down.
Netflow of Bitcoin Exchange
Market participants think that a net positive BTC exchange outflow shows that there is less pressure to sell. This is a sign that the price of Bitcoin will go up.
The price of Bitcoin has stayed above the psychologically important level of $19,000. The key to Bitcoin’s recovery is the $19,000 level.
Bitcoin’s price needs to stay above $18,210, which is its current support. If there are more people trying to sell, the support at $18,210 will be tried again. If Bitcoin continues to go up, the $20,000 goal could be reached.
Price Chart for BTC/USD
In the late stages of a Bitcoin bear market, people who own BTC sell their coins. CryptoQuant’s Exchange Inflow SOAB is a metric that is used to track how quickly Bitcoin holders are selling their coins. Recently, BTC bought between April 2021 and April 2022 for more than $30,000 was sold. These investors left the market with a loss of almost 50%. But this is a sign that the bottom of the cycle is near and that Bitcoin is about to start making up for its losses.
Disclaimer: The views and opinions in this article are only those of the author and may not reflect those of Coin Edition. Nothing in this article should be taken as advice about how to invest. Before investing in cryptocurrencies, Coin Edition advises all users to do their own research.
The post $688 million in Bitcoin has been removed from exchanges; traders expect Bitcoin to rise appeared first on Coin Edition.