Bitcoin (BTC) Fades From Exchange As Outflows Hit New Highs

Bitcoin has seen a sharp decline from exchanges, reaching its lowest level since December 2017. As of today, the market cap of Bitcoin has increased impressively to $47,354.66.

Despite this daily rising trend, traders have maintained a skeptical stance for the third consecutive week, suggesting that cautious sentiment remains in the market.

Bitcoin’s price trajectory recently underwent a successful reversal, increasing its dominance over altcoins.

The reduction in Bitcoin supply on exchanges, which now stands at just 5.3% of the total supply, indicates a strong holding pattern among investors.

This outflow from exchanges appears to be a reflection of the continued increase in self-custody among crypto investors.

The market has seen Bitcoin price break through resistance levels, reaching an intraday peak of $46,225.

This upward progress reflects the strong price breakout potential of the asset.

The $47,000 range represents a major resistance level on the charts and a historical point of breakout.

The ability of Bitcoin to break this price point and hold above it would be an indicator of a continuation of the rally.

Bitcoin’s price action has seen it test key moving averages, with the asset currently trading above the short-term average, which looks increasingly likely for a continued upward move.

There is a possibility of continuous upward movement. However, the impending resistance at $47,000 stands as a formidable obstacle that the cryptocurrency must overcome to maintain its upward trajectory.

The result of a test of the $47,000 range will set the direction for Bitcoin’s market behavior in the coming weeks and could either confirm the asset’s bullish trend or lead to a correction.

You May Also Read: $60,000 Bitcoin Incoming- Expert Analysis And Price Prediction

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