$1.87B Bitcoin Withdrawn from Coinbase in 24 Hours
Bitcoin has consolidated below the $100,000 level for twelve days, marking a pause in its recent rally. Market focus is shifting towards altcoins, although Bitcoin remains above the critical $90,000 support level.
Data from CryptoQuant shows two significant outflows exceeding 8,000 BTC each from Coinbase within 24 hours, indicating sustained institutional interest and potential accumulation. This suggests optimism among major players regarding Bitcoin's long-term trajectory, despite short-term price stabilization.
As Bitcoin consolidates, analysts are monitoring whether this phase will lead to a price increase or allow altcoins to gain attention. The upcoming days are crucial for determining if Bitcoin can regain momentum or remain range-bound.
Bitcoin Leading A Heated Market
Despite halting below $100,000, Bitcoin continues to lead the crypto market with notable gains. Its current pause has redirected liquidity towards altcoins, suggesting that while Bitcoin may slow down, it provides an opportunity for other cryptocurrencies to perform well.
CryptoQuant metrics show significant activity on Coinbase, with withdrawals totaling 19,487 BTC valued at approximately $1.87 billion. These large transactions indicate institutional involvement, potentially positioning for Bitcoin’s next move.
Historically, such outflows have preceded market dips, often signaling profit-taking or redistribution. However, they may also reflect growing confidence among major investors in Bitcoin's long-term potential.
If BTC holds above $90,000 with increasing demand, it could push toward six figures in the coming weeks.
Price Levels To Watch
Currently trading at $96,700, Bitcoin is in a range between $93,500 and $98,700 without a clear direction. This consolidation follows aggressive rallies as BTC approaches its all-time high.
The $90,000 mark is critical support; maintaining this level signals market strength and bullish momentum.
If Bitcoin remains above $95,000 in the next few days, the chances of breaking new all-time highs increase significantly. A stable position above this level would encourage buyers to push BTC past the psychological $100,000 barrier.
Conversely, losing the $95,000 support could lead to testing the $90,000 level again, with deeper corrections possible if this key level fails.
Bitcoin's ability to stay above $95,000 will be crucial for its next movement. Bulls are looking for upward momentum, while bears seek signs of weakness to act upon.
Featured image from Dall-E, chart from TradingView