Bitcoin (BTC) continues to exit crypto exchanges since it’s recording a macro decline.
Market insight provider Glassnode explained:
“Bitcoin balance on exchanges continues its macro decline, reaching 12.6% of the Circulating Supply (2.4M BTC). Exchange balances have now seen a macro outflow of over 4.6% of the circulating supply since the March 2020 ATH.”
Source:Glassnode
The bullish signification of Bitcoin leaving exchanges is that it indicates a holding culture. This means that coins are transferred into digital wallets and cold stored for future purposes.
This might be a reason triggering BTC’s upward push. According to a report by Bloomberg, the leading cryptocurrency saw an intraday trade increase of 4.18% to $24,482 and a total price change of 4.28%. CoinMarketCap.
The price surge has also boosted Bitcoin’s chances of breaking the 200-Week Moving Average (WMA). Rekt Capital, a crypto analyst pointed out:
“BTC is very close to performing a Weekly Close above the 200-week MA. Technically, it looks like BTC is doing well to reclaim the 200-week MA as support.”
Source:TradingView/RektCapital
The 200 WMA is a measure of the asset’s long-term trend and can be used to determine whether the market has turned bullish or bearish.
Bitcoin has seen an increase in buying volume over the past year, as it has managed to move away from the psychological $20K price. Rekt Capital pointed out:
“BTC is enjoying above-average buy-side volume for the first time since January/February of this year when BTC performed relief rallies before further downside.”
Mike McGlone, Bloomberg analyst, recently posted Given that Bitcoin’s volatility against the Bloomberg Commodity Index had hit historic lows, it seemed like Bitcoin was about to get back to winning ways.
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