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Bitcoin

Bitcoin Price Analysis: BTC ready to resume growth as traders take coins from exchanges

  • Bitcoin (BTC) is positioned to continue growth once $13,000 is out of the way.
  • On-chain metrics support a positive outlook.

Bitcoin (BTC) hit the new 2020 high of $13,250 on October 21 and moved back below the psychological barrier of $13,000 to trade at $12,957 by the time of writing. Despite the retreat,  the pioneer digital currency is still over 14% higher on a week-to-week basis and mostly since the beginning of the day.

Bitcoin’s average daily trading volume is registered at $27.4 billion, while its market share settled at 60.9%.

Bitcoin exchange supplies are waning

Bitcoin traders are moving their coins from the cryptocurrency exchange accounts, the recent on-chain data shows.  The coins supply on the exchanges has been decreasing sharply since October 16, meaning that the market may be ready to enter the accumulation phase.

Bitcoin supplies on the exchanges

Source: Santiment

In less than a week, Bitcoin owners moved over 43,000 outside the exchanges amid a sharp price increase. This trend is usually a bullish signal, as it means that traders are less inclined to sell their coins.

The daily on-chain exchange flows data confirms that the market is pivoting towards accumulating Bitcoins. According to Glassnode, over $627 million worth of BTC left the exchanges in the last 24 hours, while the net outflow exceeded $115 million.

 

 

 

News source

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