Bitcoin remains stable, hovering above a key support level and attempting to reclaim the $65,000 mark.
Against this backdrop, there has been a significant increase in the withdrawal of tokens from exchanges, indicating potential bullish moves.
Recent data shows a surge in the number of tokens being withdrawn from exchanges. On May 5th, when the price of Bitcoin dropped close to $50,000, approximately $380 million was withdrawn.
On May 8th, a total of $1 billion worth of BTC was withdrawn from exchanges, while the price of BTC rose from $560,000 to $650,000.
Then, on June 4th, an additional $1 billion was withdrawn from exchanges when the price was around $65,000.
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– 우민규 (Woominkyu) (@Woo_Minkyu)
July 18, 2024
Following this, the price quickly rebounded to around $65,000. The withdrawal of $1 billion on June 4th reflects the ongoing trend of decreasing market supply.
Historically, such large-scale withdrawals are seen as bullish as they indicate holders are less willing to sell. This increasing scarcity often supports higher prices.
Moreover, the recent decrease in the realized profit/loss ratio, which measures market sentiment, suggests that investors looking to exit their positions at higher prices have already done so. This decline in the indicator could be a precursor to further price increases.
After reaching profits at the 72K level, the realized profit/loss ratio has dropped to extremely low levels.
Everyone who wanted to sell at 72K has done so, therefore, for the market to achieve the next profit, it needs a new level above the all-time high (ATH).
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– 阿克塞爾小阿德勒 (@AxelAdlerJr)
July 18, 2024
Bitcoin has also surpassed the average buying price of recent buyers, indicating further potential for upward movement. If the past trend continues, the price of Bitcoin could see a significant increase and potentially break the $72,000 mark.
