Time to Buy Bitcoin? $1.02B BTC Outflow Raises Hopes
Sentiment across the cryptocurrency space turned bearish for a short time following the release of a report from the Institute for Supply Management (ISM). Among them, the price of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has fallen by more than 10% and has reached a critical level.
$1.02 billion worth of BTC flows out of exchanges
The market price has been falling for three days in a row, but according to a report by an on-chain analytics company, the continued accumulation of long-term holders has caused great concern among cryptocurrency enthusiasts. coin glass.
Spot inflow/outflow data shows that exchanges witnessed over $1.02 billion worth of BTC outflows during the same period. This massive outflow indicates that long-term holders have withdrawn these Bitcoins from exchange wallets, which is a positive sign.
Is now the right time to buy Bitcoin?
The data clearly shows continued buying by whales and long-term holders Bitcointaking advantage of recent price declines ahead of President-elect Donald Trump’s inauguration.
Is BTC heading towards $100,000 or falling to $74,000?
As the price continues to fall, BTC price has reached key levels near the $92,250 mark and continues to rebound. Historically, BTC has reached this level four times, with gains approaching 10% each time.
Based on this data, experts and analysts are speculating on similar upward momentum. If this happens, Bitcoin is likely to break through the $100,000 mark again in the coming days.
Meanwhile, if BTC fails to hold this key level and settles below the $91,000 mark, it is likely to drop another 18% to reach the $74,000 support.
Current Price Momentum
Currently, BTC is trading close to $92,450, with the price falling by more than 1.40% in the past 24 hours. Meanwhile, traders and investors appeared hesitant to participate, leading to a 9% drop in trading volume.
