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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 82.8% | 24 | $48 068.38 | -0.43% | 2.90% | $904 552 592 109 | $30 966 097 189 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 71.6% | 52 | $3 564.24 | -1.78% | 3.14% | $418 997 277 161 | $18 764 428 420 | |
| 3 |  ADA |
Cardano predictions | 66.4% | 64 | $2.43 | -1.86% | -4.99% | $77 762 171 546 | $3 085 080 557 | |
| 4 |  BNB |
Binance Coin predictions | 63.6% | 70 | $423.38 | -1.83% | -1.23% | $71 186 613 232 | $1 670 523 937 | |
| 5 |  USDT |
Tether predictions | 95.2% | 1 | $1.000511 | 0.01% | 0.05% | $68 288 855 645 | $74 100 163 467 | |
| 6 |  XRP |
XRP predictions | 72.8% | 55 | $1.096014 | -2.04% | -3.72% | $51 098 642 600 | $2 972 959 907 | |
| 7 |  SOL |
Solana predictions | 56.8% | 89 | $149.74 | -5.57% | -21.61% | $44 447 194 000 | $3 259 409 601 | |
| 8 |  DOT |
Polkadot predictions | 58.4% | 83 | $36.69 | 2.33% | 14.49% | $36 235 518 897 | $2 308 494 829 | |
| 9 |  DOGE |
Dogecoin predictions | 66% | 65 | $0.257382 | 4.84% | 0.32% | $33 796 922 711 | $1 760 021 804 | |
| 10 |  USDC |
USD Coin predictions | 96% | 1 | $1.000184 | 0.01% | 0.02% | $29 237 308 733 | $2 846 778 419 | |
| 11 |  UNI |
UniSwap predictions | 73.6% | 56 | $25.95 | -4.24% | 8.79% | $15 869 589 993 | $590 249 626 | |
| 12 |  LUNA |
Terra predictions | 68.4% | 67 | $36.55 | 0.26% | 12.35% | $14 691 406 586 | $1 543 465 878 | |
| 13 |  AVAX |
Avalanche predictions | 65.2% | 69 | $64.75 | 9.96% | 46.82% | $14 264 323 937 | $2 618 327 427 | |
| 14 |  LINK |
Chainlink predictions | 74% | 55 | $30.07 | -4.45% | 3.96% | $13 594 035 693 | $1 522 191 986 | |
| 15 |  BUSD |
Binance USD predictions | 91.6% | 1 | $1.000216 | 0.01% | 0.02% | $12 747 588 570 | $6 369 639 162 |
