- More BTC has left the exchanges in the last few days.
- BTC was still trading below the $60,000 price range.
Bitcoin [BTC] has experienced a significant decline since the beginning of the month. Interestingly, despite this downturn, there has been a notable withdrawal from exchanges. This is surprising given the substantial volume of Bitcoin reportedly sold off recently.
Bitcoin netflow shows massive withdrawals
Recently, Bitcoin has exhibited an intriguing pattern regarding its flow on exchanges.
Analysis of the flow data on CryptoQuant revealed that there has been a greater outflow than inflow in recent days. The data highlighted 5th July as a significant day, with a net outflow of over -68,500 BTC.
Also, this was the highest for the year, valued at approximately $3.8 billion based on that day’s exchange rate. The subsequent day also recorded a substantial outflow, with over -12,550 BTC leaving exchanges, worth about $730.9 million.
Source: CryptoQuant
This trend of Bitcoin being withdrawn from exchanges, especially amidst a price decline, is noteworthy.
Typically, such movements could be interpreted as a bullish signal, suggesting that holders opt to hold onto their assets rather than sell, even as Bitcoin breaks through support levels.
This behavior often reflects a collective expectation among investors that prices may recover, prompting them to withdraw their holdings to their wallets.
Bitcoin sees slight improvement
AMBCrypto’s analysis of Bitcoin on a daily timeframe chart highlighted that its long moving average, depicted by a blue line, is currently acting as an immediate resistance level. This resistance is situated around the $58,900 to $59,000 range.
As of this writing, BTC was trading at approximately $57,200, marking an increase of over 2%. This uptick followed a notable 4.10% decline in the previous trading session, which had reduced its price to around $55,850.
Source: TradingView
Furthermore, the Relative Strength Index (RSI) was below 37, indicating that the asset remained in a strong bearish trend. An RSI below this level typically signifies the asset is oversold, suggesting that selling pressure has been predominant.
More holders remain at a loss
Analysis from IntoTheBlock focusing on Bitcoin holders’ profitability indicates that many are currently experiencing losses.
Source: IntoTheBlock
Read Bitcoin (BTC) Price Prediction 2024-25
The Global In/Out of Money index revealed that approximately 5.43 million addresses, accounting for almost 64% of all holders, are holding Bitcoin at a loss.
Conversely, about 2.87 million addresses, representing nearly 34% of holders, are profitable.
- More BTC has left the exchanges in the last few days.
- BTC was still trading below the $60,000 price range.
Bitcoin [BTC] has experienced a significant decline since the beginning of the month. Interestingly, despite this downturn, there has been a notable withdrawal from exchanges. This is surprising given the substantial volume of Bitcoin reportedly sold off recently.
Bitcoin netflow shows massive withdrawals
Recently, Bitcoin has exhibited an intriguing pattern regarding its flow on exchanges.
Analysis of the flow data on CryptoQuant revealed that there has been a greater outflow than inflow in recent days. The data highlighted 5th July as a significant day, with a net outflow of over -68,500 BTC.
Also, this was the highest for the year, valued at approximately $3.8 billion based on that day’s exchange rate. The subsequent day also recorded a substantial outflow, with over -12,550 BTC leaving exchanges, worth about $730.9 million.
Source: CryptoQuant
This trend of Bitcoin being withdrawn from exchanges, especially amidst a price decline, is noteworthy.
Typically, such movements could be interpreted as a bullish signal, suggesting that holders opt to hold onto their assets rather than sell, even as Bitcoin breaks through support levels.
This behavior often reflects a collective expectation among investors that prices may recover, prompting them to withdraw their holdings to their wallets.
Bitcoin sees slight improvement
AMBCrypto’s analysis of Bitcoin on a daily timeframe chart highlighted that its long moving average, depicted by a blue line, is currently acting as an immediate resistance level. This resistance is situated around the $58,900 to $59,000 range.
As of this writing, BTC was trading at approximately $57,200, marking an increase of over 2%. This uptick followed a notable 4.10% decline in the previous trading session, which had reduced its price to around $55,850.
Source: TradingView
Furthermore, the Relative Strength Index (RSI) was below 37, indicating that the asset remained in a strong bearish trend. An RSI below this level typically signifies the asset is oversold, suggesting that selling pressure has been predominant.
More holders remain at a loss
Analysis from IntoTheBlock focusing on Bitcoin holders’ profitability indicates that many are currently experiencing losses.
Source: IntoTheBlock
Read Bitcoin (BTC) Price Prediction 2024-25
The Global In/Out of Money index revealed that approximately 5.43 million addresses, accounting for almost 64% of all holders, are holding Bitcoin at a loss.
Conversely, about 2.87 million addresses, representing nearly 34% of holders, are profitable.
buy generic clomiphene price cost of clomiphene price clomid buy where can i buy cheap clomiphene no prescription how to get clomiphene pill where buy generic clomid price clomiphene pills
I couldn’t resist commenting. Well written!
Thanks for putting this up. It’s evidently done.
purchase zithromax without prescription – buy ofloxacin 400mg pills metronidazole 200mg brand
where can i buy rybelsus – rybelsus buy online cyproheptadine 4 mg usa
buy domperidone 10mg without prescription – buy flexeril no prescription buy flexeril 15mg pills
buy augmentin 625mg generic – atbio info buy acillin tablets
esomeprazole online – anexa mate nexium where to buy
medex buy online – coumamide purchase cozaar generic
meloxicam order online – tenderness where can i buy mobic
deltasone 5mg tablet – asthma buy deltasone 40mg for sale
best ed drugs – ed pills comparison buy ed pills cheap
amoxicillin over the counter – https://combamoxi.com/ purchase amoxil
buy diflucan 100mg generic – flucoan buy diflucan 200mg generic
lexapro 20mg sale – escitapro.com lexapro order
buy cenforce sale – https://cenforcers.com/ cenforce where to buy
buy cialis no prescription overnight – https://ciltadgn.com/ mail order cialis
order ranitidine pill – zantac for sale zantac 150mg cost
cheap viagra super force – strong vpls is it legal to order viagra from canadian
More posts like this would make the online space more useful. este sitio
Thanks an eye to sharing. It’s top quality. prednisone and diabetes
Thanks on putting this up. It’s understandably done. https://ursxdol.com/levitra-vardenafil-online/
The thoroughness in this section is noteworthy. https://prohnrg.com/product/diltiazem-online/
More posts like this would force the blogosphere more useful. https://aranitidine.com/fr/viagra-professional-100-mg/
I couldn’t turn down commenting. Warmly written! https://ondactone.com/product/domperidone/
This is a topic which is forthcoming to my callousness… Numberless thanks! Unerringly where can I lay one’s hands on the phone details in the course of questions?
https://proisotrepl.com/product/baclofen/
Thanks recompense sharing. It’s first quality. http://forum.ttpforum.de/member.php?action=profile&uid=424431
forxiga pills – https://janozin.com/ buy forxiga no prescription
buy orlistat pill – this orlistat price
This website exceedingly has all of the tidings and facts I needed about this case and didn’t know who to ask. http://mi.minfish.com/home.php?mod=space&uid=1421082