{"id":630436,"date":"2024-07-18T19:30:53","date_gmt":"2024-07-18T19:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=630436"},"modified":"2024-07-18T14:27:10","modified_gmt":"2024-07-18T14:27:10","slug":"billions-worth-of-bitcoin-pulled-from-exchanges-is-btc-preparing-for-72000","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/billions-worth-of-bitcoin-pulled-from-exchanges-is-btc-preparing-for-72000\/","title":{"rendered":"Billions Worth Of Bitcoin Pulled From Exchanges: Is BTC Preparing For $72,000?"},"content":{"rendered":"

Bitcoin is steady when writing, floating above immediate support levels and inches away from reclaiming the all-important local liquidation line at around $66,000. Even as the broader crypto community expects buyers to step in and push prices higher, there are exciting developments that buttress this outlook.<\/span><\/p>\n

Billions Worth Of BTC Pulled From Exchanges<\/span><\/h2>\n

According to exchange data <\/span>shared<\/span><\/a> by one analyst on X, BTC holders increasingly pull their coins from exchanges. <\/span><\/p>\n

On July 5, when prices tanked, pushing the world’s most valuable coin close to $50,000, a staggering $3.8 billion BTC was moved from exchanges. <\/span><\/p>\n

\"BTC
BTC moving from exchanges | Source: @Woo_Minkyu via X<\/figcaption><\/figure>\n

Once this happened, prices rapidly bounced back, rising from as low as $53,500 to $65,000 recorded earlier this week. <\/span>Though prices have been moving horizontally above $62,500 recently, more BTC is being withdrawn. On July 16, BTC owners pulled another $3.4 billion of the coin. <\/span><\/p>\n

Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks<\/a><\/div>\n

Even though there is no <\/span>clear<\/span> impact on prices, if past performance guides, it is likely that prices will edge higher like they did after the collapse to $53,500.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

 <\/p>\n

Usually, analysts interpret exchange outflows<\/a> as positive for price. Whenever coin holders move assets to non-custodial wallets, they want to take control of their coins. As such, they might be unwilling to sell. <\/span><\/p>\n

Their decision helps support prices since they won’t sell on demand if they wish to, like if they held them on crypto platforms like Binance or Coinbase. Moreover, with fewer BTC readily available on exchanges, bulls tend to benefit due to increased scarcity. <\/span><\/p>\n

Is Bitcoin Preparing For Another Leg Up Above $72,000?<\/span><\/h2>\n

Beyond this development, another analyst notes that the Realized Profit and Loss Ratio metric has\u00a0<\/span>fallen<\/a><\/span>\u00a0and stands at multi-month lows. The metric is used to gauge market sentiment, mainly influenced by profit and loss at any point in time. <\/span><\/p>\n

\"Realized
Realized profit and loss ratio falling | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n

This decrease suggests that investors who wanted to exit at highs have already taken profit. For now, traders must wait for these metrics to rise, perhaps to multi-month highs, ideally above $72,000 and $74,000, before profit-taking resumes.<\/span><\/p>\n

Related Reading: XRP Price Plummets To $0.5724, Can Bulls Maintain Support?<\/a><\/div>\n

Bitcoin has also\u00a0reclaimed<\/a> its average cost basis of short-term holders (STHs) as prices recover\u00a0above $62,000. Those who bought within the last 155 days are now in the money. They are likely holding and expecting more gains in the coming sessions before realizing profits. <\/span><\/p>\n

In the past, whenever the average cost basis is surpassed, CryptoQuant analysts say prices tend to rise by over 30%.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is steady when writing, floating above immediate support levels and inches away from reclaiming the all-important local liquidation line at around $66,000. Even as the broader crypto community expects buyers to step in and push prices higher, there are exciting developments that buttress this outlook. Billions Worth Of BTC Pulled From Exchanges According to exchange data shared by one analyst on X, BTC holders increasingly pull their coins from exchanges. On July 5, when prices tanked, pushing the world’s most valuable coin close to $50,000, a staggering $3.8 billion BTC was moved from exchanges. Once this happened, prices rapidly bounced back, rising from as low as $53,500 to $65,000 recorded earlier this week. Though prices have been moving horizontally above $62,500 recently, more BTC is being withdrawn. On July 16, BTC owners pulled another $3.4 billion of the coin. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Even though there is no clear impact on prices, if past performance guides, it is likely that prices will edge higher like they did after the collapse to $53,500.   Usually, analysts interpret exchange outflows as positive for price. Whenever coin holders move assets to non-custodial wallets, they want to take control of their coins. As such, they might be unwilling to sell. Their decision helps support prices since they won’t sell on demand if they wish to, like if they held them on crypto platforms like Binance or Coinbase. Moreover, with fewer BTC readily available on exchanges, bulls tend to benefit due to increased scarcity. Is Bitcoin Preparing For Another Leg Up Above $72,000? Beyond this development, another analyst notes that the Realized Profit and Loss Ratio metric has\u00a0fallen\u00a0and stands at multi-month lows. The metric is used to gauge market sentiment, mainly influenced by profit and loss at any point in time. This decrease suggests that investors who wanted to exit at highs have already taken profit. For now, traders must wait for these metrics to rise, perhaps to multi-month highs, ideally above $72,000 and $74,000, before profit-taking resumes. Related Reading: XRP Price Plummets To $0.5724, Can Bulls Maintain Support? Bitcoin has also\u00a0reclaimed its average cost basis of short-term holders (STHs) as prices recover\u00a0above $62,000. Those who bought within the last 155 days are now in the money. They are likely holding and expecting more gains in the coming sessions before realizing profits. In the past, whenever the average cost basis is surpassed, CryptoQuant analysts say prices tend to rise by over 30%. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":629976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,768,1119,78790],"class_list":["post-630436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBillions Worth Of Bitcoin Pulled From Exchanges: Is BTC Preparing For $72,000?<\/title>\n<meta name=\"description\" content=\"Bitcoin is in an uptrend and likely to fly in the coming days now that billions worth of BTC are being moved from exchanges\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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