Record 57K BTC leave exchanges in one day, dropping Bitcoin reserves to pre-crash levels
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 70.4% | 54 | $28 066.66 | 1.34% | 4.74% | $542 437 239 798 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 79.2% | 39 | $1 789.57 | 1.88% | 2.34% | $218 996 509 081 |  |
|
| 3 |  USDT |
Tether predictions | 93.6% | 1 | $1.001142 | -0.17% | -0.11% | $78 575 728 756 |  |
|
| 4 |  BNB |
Binance Coin predictions | 73.6% | 51 | $323.24 | -0.82% | -3.97% | $51 037 143 522 |  |
|
| 5 |  USDC |
USD Coin predictions | 92.8% | 2 | $0.999814 | 0.02% | 0.03% | $34 407 684 690 |  |
|
| 6 |  XRP |
XRP predictions | 86.8% | 21 | $0.431011 | -2.63% | 15.02% | $21 960 407 308 |  |
|
| 7 |  HEX |
HEX predictions | 58.8% | 82 | $0.100734 | -20.12% | 13.44% | $17 468 467 379 |  |
|
| 8 |  ADA |
Cardano predictions | 78% | 44 | $0.362106 | -2.95% | 6.35% | $12 572 910 866 |  |
|
| 9 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 71.6% | 51 | $0.074956 | -3.44% | -1.02% | $9 944 529 563 |  |
|
| 11 |  MATIC |
Polygon predictions | 74.4% | 48 | $1.11 | -1.27% | -8.22% | $9 721 254 465 |  |
|
| 12 |  SOL |
Solana predictions | 71.6% | 52 | $21.64 | -0.76% | 4.61% | $8 304 118 412 |  |
|
| 13 |  BUSD |
Binance USD predictions | 94% | 1 | $0.999612 | -0.02% | -0.10% | $8 060 892 614 |  |
|
| 14 |  DOT |
Polkadot predictions | 74.8% | 49 | $6.14 | -0.90% | -5.11% | $7 183 412 082 |  |
|
| 15 |  LTC |
Litecoin predictions | 70.4% | 59 | $92.03 | 0.57% | 9.30% | $6 677 190 783 |  |
