Bitcoin
BTC$68 950.31

0.61%

Ethereum
ETH$3 742.65

0.21%

Tether
USDT$0.999911

-0.01%

Binance Coin
BNB$601.34

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Solana
SOL$167.30

-0.16%

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USDC$0.999907

-0.02%

Record 57K BTC leave exchanges in one day, dropping Bitcoin reserves to pre-crash levels


29 Jul 2021

#Bitcoin

57,000 BTC leaves exchanges in a single day as demand returns with Bitcoin at the upper end of its multi-month trading corridor. Bitcoin (BTC) demanded a $40,000 resistance flip on Thursday as on-chain data revealed large withdrawals from exchanges.

Exchange balances shed 57,000 BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rise to challenge the upper end of its trading range once more on Thursday. The pair had seen a pullback after initially hitting multi-week highs of $40,600 on Bitstamp earlier in the week. Bottoming out at $38,800, Bitcoin then returned for its latest trip to the $40,000 mark, with that level still to be flipped to support convincingly at the time of writing.

Amid concerns over the strength of this week’s rally, data on Thursday nonetheless pointed to genuine demand for BTC at higher prices. Shared by Bybt and CryptoQuant, the data appeared to show the largest one-day outflow in at least a year. A total of 57,000 BTC left exchanges in 24 hours.

With that, exchange balances returned to levels last seen in mid-May, just before a major price correction after Bitcoin began reversing from all-time highs of $64,500.

In search of solid support

Despite this demand, however, market participants remained convinced of the need for a higher low construction on BTC/USD before any higher levels could fall.

“I think market needs to go down to put in a HL before continuing up,” popular Twitter trader Pentoshi summarized. “To put it simply. Been bullish from 29.6k into resistance but today to me signals need to go down for higher low.”

Exactly how low that higher low will be could be anywhere between $36,000 and $32,500, Cointelegraph reported. Order book data from major exchange Binance, meanwhile, confirmed a narrowing range for spot price, with buyers and sellers encroaching on $40,000 from both sides.

 


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 30 $68 950.31 0.61% 3.02% $1 358 555 095 030 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.8% 49 $3 742.65 0.21% 20.13% $449 615 014 037 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999911 -0.01% -0.03% $111 927 378 193 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 6 $601.34 -0.01% 4.06% $88 749 030 136 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 68.8% 62 $167.30 -0.16% -3.02% $75 184 122 316 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $0.999907 -0.02% -0.01% $32 730 892 871 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 90.8% 5 $0.538666 1.21% 3.34% $29 858 509 609 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 79.6% 35 $0.170492 3.75% 11.01% $24 625 832 325 DOGE 7 days price change
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11 Avalanche (AVAX) AVAX Avalanche predictions 76% 46 $37.93 -0.64% 1.94% $14 901 501 779 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.4% 35 $0.000025 1.83% 1.17% $14 631 571 207 SHIB 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 79.6% 29 $69 101.03 0.28% 3.28% $10 743 591 141 WBTC 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 80.4% 27 $7.34 1.56% 2.47% $10 558 252 393 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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