The 20,000 BTC withdrawn from Coinbase continues the trend of Bitcoin outbound from exchanges
More Bitcoin withdrawals have hit major cryptocurrency exchanges in the past 24 hours, according to Glassnode data. More than 20,000 BTC, worth $ 183 million, have been withdrawn from Coinbase, one of the main cryptocurrency exchanges. This is the second wave of BTC exits that have hit exchanges this year.
The first big flow occurred just before halving, at a time when expectations for an increase in Bitcoin’s price were high. After halving, an estimated $ 220 million in BTC left exchanges and was being held in individual portfolios. This second wave could be much bigger, since an equal amount was withdrawn only from Coinbase.
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BTC flows – up or down?
Large withdrawals from exchanges in users’ personal wallets are a recurring trend in Bitcoin. The cryptocurrency analysis platform MMCrypto says the trend has historically coincided with bull runs and this time may not be an exception. Such a trend was expected immediately after halving, but the level of price increases has yet to be seen.
Not all analysts believe that Bitcoin will soon experience a bull run. Some believe that Bitcoin is not yet ready for a bull run until after a significant downward movement. Specifically, they expect the asset to reach $ 6,000 in the short term before experiencing any price increase to $ 10,000 or more.
While this is what many cryptocurrency enthusiasts expect, there are several indicators that suggest a drop in that price is not likely. This includes the current fundamentals of Bitcoin, as well as its historical behavior that has proven to repeat itself.
Current market situation
Bitcoin rose significantly to $ 9,341 for the first time in a long time a few days ago. Then it dropped to less than $ 9,200, where it varied for some time. Some altcoins made impressive upward moves yesterday, but the euphoria has subsided and investors are waiting to see what happens next.
Okex Insight’s intraday analysis says Bitcoin’s main support now stands at $ 9,000, making it a critical level that could determine the asset’s fate in the coming days. As the weekend approaches, larger price swings are expected. But in what direction does he go? The current price is $ 9,180.05 with a loss of 2.16% in the last 24 hours.