Bitcoin
BTC$18 954.19

-0.85%

Ethereum
ETH$1 296.86

-3.33%

Tether
USDT$1.000054

0%

USD Coin
USDC$1.000099

0.02%

Binance Coin
BNB$275.55

-0.88%

XRP
XRP$0.502289

0.18%

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% 26 $18 954.19 -0.85% -3.69% $363 170 326 097 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 54 $1 296.86 -3.33% -5.90% $158 895 113 066 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000054 0% 0% $67 958 370 744 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000099 0.02% 0% $49 598 147 661 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 88% 15 $275.55 -0.88% 0.94% $44 457 076 668 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 62.4% 74 $0.502289 0.18% 27.23% $25 038 488 617 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999580 -0.04% -0.15% $20 508 638 534 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 80.4% 33 $0.451128 -2.03% -3.38% $15 442 614 963 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 80.8% 28 $32.92 -2.14% 1.78% $11 674 869 153 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.062123 -3.39% 3.63% $8 241 886 870 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 76.4% 41 $6.25 -3.26% -7.59% $6 998 238 426 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999822 0.01% 0.01% $6 929 280 255 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 72% 55 $0.752062 -2.34% -5.51% $6 568 747 961 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 42 $0.000011 -4.59% -2.47% $6 136 754 331 SHIB 7 days price change

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