Bitcoin Price Is Only 10% To $70,000 As Exchange Withdrawals Hit 4-Month High

Bitcoin’s upswing to a new all-time high triggered massive action across the market. Crypto assets like Solana have reclaimed levels not seen in months while keeping the uptrend unbroken. Ethereum nearly closed the distance to the all-time high, but currently, it has retreated to test support at $4,100.

Bitcoin is trading at $63,150 after losing nearly 2% of its value in 24 hours. The flagship cryptocurrency ascended to a new all-time high of $67,027, a move that increased investor confidence in the market. Most analysts believe Bitcoin has the potential to rise above $70,000 in the near term.

Bitcoin Exchange Withdrawals Soar Catalyzing Uptrend

According to Glassnode, one of the leading providers of on-chain data and metrics, the number of Bitcoin exchange withdrawals based on a seven-day moving average has reached a four-month high of 1,902.893. Note that the previous four-month high of 1,902.857 was recorded on October 21, 2021.

It is worth mentioning that an increase in exchange withdrawals is regarded bullish signal. It infers that investors are betting on Bitcoin swinging to a higher high in the near term. Moreover, withdrawals reduce the amount of overhead pressure, thus leaving Bitcoin with a relatively smooth trajectory.

Bitcoin appears to have secured support at $62,000. The pullback from the new record highs is to allow more investors to get on the bandwagon. Another swing above $67,000 will most likely boost BTC past $70,000.

The positive technical outlook is valid for both the short-term and the long term. The RSI is currently not oversold, leaving bulls will more room to explore. On the other hand, the MACD spots a buy signal, but it calls for caution because it could transform to a bearish sign if BTC fails to hold above the immediate support.

Bitcoin Price Intraday Levels

Spot rate: $63,168

Trend: Bullish

Volatility: High

Support: $62,000

Resistance: $67,000