Massive amounts of Bitcoin is leaving Exchanges
Over $1.5 Billion worth of Bitcoin has left exchanges...
Crypto markets have been in a rut within the last two weeks and Bitcoin specifically is trading down after a nine-week sell-off.
Other cryptocurrencies are feeling the effects of Bitcoin’s uncertainty. Cardano has been the biggest gainer of all cryptos with 10.23% gained within the last 24hrs to reach a trading price of $0.64.
The global crypto market cap has reclaimed its impressive $1.24 Trillion cap after witnessing a 2.31% increase over the last day. Bitcoin however still awaits a breakout after a four-week fall.
According to analysts, Bitcoin is showing a bullish reversal ascending triangle pattern and has also breached a trendline of resistance as well as the $32,400.
Nearly 50,000 Bitcoin have been withdrawn from cryptocurrency exchanges over the past week as the price continues to sit around $30,000.
Even as money is being withdrawn, Bitcoin investors also appear to be doubling down, with wallet growth for investors holding below 100 BTC growing significantly in the past month.
Bitcoin miners have also witnessed decreases in balances with the rate of 5,000 to 8,000 Bitcoin per month. Spending however has slowed down in the past 10 days to just 3,300 Bitcoin (at a per month rate).
“As profit multiples compress across the board and financial stress increases, the highest probability is that the market is within the second and historically final capitulation phase of a Bitcoin bear Market.”