BTC count on exchanges back to pre-correction levels

While Bitcoin (BTC) was trying to turn the $40 thousand resistance into support, a large amount of BTC began to be withdrawn from the exchanges.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView

57 thousand BTC was withdrawn from exchanges

According to Cointelegraph Markets Pro and TradingView data, BTC/USD started to push the upper part of its trading range again on Thursday.

The pair experienced a pullback after surging to $40,600 earlier in the week.

Bitcoin, which bottomed at $ 38 thousand, then rose again around $ 40 thousand and is trying to turn this level into support as of the translation broadcast time.

On the other hand, the data reveals that there is a serious demand for BTC at current levels.

According to Bybt and CryptoQuant data, the highest amount of BTC has been withdrawn from exchanges, at least in the last year. In total, 57,000 BTC have left the exchanges in the past 24 hours.

Net Bitcoin flow chart of exchanges. Source: CryptoQuant

However, the exchanges’ BTC balance returned to levels last seen in mid-May. Bitcoin started to experience correction after reaching $64,500 at that time.

Bitcoin reserve chart of exchanges. Source: Bybt

Support wanted

Market participants think that a higher bottom price structure should be formed to prevent Bitcoin from falling.

It may interest you: Will the Bitcoin price hold the $ 40 thousand level?

Popular investor Pentoshi said, “I think the market should drop and set higher bottom price before continuing to rise” he summed up..

Dev borsa Binance’in order book datareveals that the spot price is moving in a narrowing range and buyers and sellers are positioned on both sides of the $40,000 level.

As of July 29, the buying and selling levels of BTC/USD (Binance). Source: Material Indicators/ Twitter

Check Also

Can Bitcoin survive a global economic crisis?

One of the reasons behind the fluctuation in Bitcoin (BTC) price is the difference in …

Leave a Reply

Your email address will not be published. Required fields are marked *