Bitcoin Records Largest Exchange Withdrawals Since FTX Collapse
Bitcoin's price is currently above $97,000, reflecting a 6.5% decline over the past week. The cryptocurrency has not regained the $100,000 mark, creating uncertainty among market participants.
Largest Exchange Withdrawals Since FTX Collapse
Recent data indicates over 47,000 BTC were withdrawn from exchanges, marking the largest volume since the FTX collapse. Key points include:
- Withdrawals suggest accumulation by large players or institutions.
- Movement off exchanges typically indicates a long-term bullish outlook.
- This shift does not constitute an immediate supply shock affecting Bitcoin's price.
- It signals a gradual accumulation phase that may support future price increases.
Potential Breakout Scenarios
Analyst Onatt noted strong buying interest in the Coinbase Premium Index, indicating potential upward movement for Bitcoin. Highlights include:
- A positive premium suggests increased demand from institutional investors.
- The crossover of key moving averages (SMA14 and SMA60) indicates possible bullish momentum.
- Bitcoin's correlation with gold and the S&P 500 is increasing, aligning its performance with traditional assets.
- Comments from Federal Reserve Chairman Jerome Powell have stabilized market expectations, fostering positive sentiment towards Bitcoin.
