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The 20,000 BTC withdrawn from COINBASE continues the trend of Bitcoin outbound from exchanges
More Bitcoin withdrawals have hit major cryptocurrency exchanges within the past 24 hours, consistent with Glassnode data. quite 20,000 BTC, worth $ 183 million, are withdrawn from Coinbase, one among the most cryptocurrency exchanges. this is often 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 a rise 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 This second wave might be much bigger since an equal amount was withdrawn only from Coinbase.
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 point might not be an exception. Such a trend was expected immediately after halving, but the extent of price increases has yet to be seen.
Not all analysts believe that Bitcoin will soon experience a Bull Run . Some believe that Bitcoin isn't yet ready for a Bull Run until after a big downward movement. Specifically, they expect the asset to succeed in $ 6,000 within the short term before experiencing any increase to $ 10,000 or more.
While this is often what many cryptocurrency enthusiasts expect, there are several indicators that suggest a drop by that price isn't likely. This includes the present fundamentals of Bitcoin, also as its historical behavior that has proven to repeat itself.
Current market situation
Bitcoin rose significantly to $ 9,341 for the primary time during a while a couple of days ago. Then it dropped to but $ 9,200, where it varied for a few time. Some altcoins made impressive upward moves yesterday, but the euphoria has subsided and investors are waiting to ascertain what happens next.
Okex Insight's intraday analysis says Bitcoin's primary support is now at $ 9,000, making it a critical level that would determine the asset's fate within the coming days. because the weekend approaches, larger price swings are expected. But in what direction does he go? the present price is $ 9,180.05 with a loss of two .16% within the last 24 hours.
