While Bitcoin (BTC) was trying to turn the $40 thousand resistance into support, a large amount of BTC began to be withdrawn from the exchanges.
57 thousand BTC was withdrawn from exchanges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According to Bybt and CryptoQuant data, the highest amount of BTC has been withdrawn from exchanges, at least in the last year.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.
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.
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.