Huge Bitcoin Outflows On Binance, BTC To Break $40k Soon?
2021年7月27日 - 6:00PM
NEWSBTC
On-chain analysis shows huge Bitcoin outflows from crypto exchange
Binance. BTC might keep the rally up and break $40k. Huge Bitcoin
Outflows On Binance As pointed out by a CryptoQuant post, the
crypto exchange has observed huge outflows of BTC on Monday. The
Binance Outflows indicator shows the amount of Bitcoin transferred
from the Binance exchange wallets to personal or other exchange
wallets. On the other hand, the inflows show how many BTC were sent
into Binance wallets from other types of wallets. The indicator of
most interest here is the the Binance Bitcoin netflow, which is
just the inflow minus the outflow. Binance BTC netflow = Inflow –
Outflow Here is a chart for the Binance Bitcoin netflow that shows
the trend in the value of the indicator over the past couple of
weeks: BTC netflow on Binance shows deep negative for 26 July |
Source: CryptoQuant As the above graph shows, the crypto exchange
is showing two huge outflows right now. One of them was more than
10k BTC, while the other one was around a whopping 31k BTC! There
also seems to be an inflow of about 10k, similar to the value of
one of the outflows. A look at http://chain.info shows that, yes,
this inflow and outflow is actually the same transaction between
Binance internal wallets. Related Reading | Investing In Bitcoin
Mining Businesses Is Also A Sign Of Institutional Acceptance The
31k BTC outflow, however, isn’t part of any internal transaction.
Usually negative netflows mean there isn’t much selling pressure in
the market. Hugely negative netflows, like this one, can make the
price go up. BTC Price At the time of writing, Bitcoin’s price is
floating around $39k, up 26% in the last 7 days. The increase
compared to last month is about 22%. Here is a chart showing the
trend in the price of the crypto: BTC's price suddenly surges up |
Source: BTCUSD on TradingView Bitcoin has finally broken through
the $35k resistance level. Earlier, the crypto was stuck in the
$30k to $35k range-bound market for quite some while as its market
volatility reached yearly lows. Now, however, the rumors regarding
Amazon opening up to BTC and crypto payments has helped drive up
the coin’s price. Related Reading | Bitcoin On Track To $100K, Why
The Bull Cycle Could Be Just In Its Early Days It’s looking likely
that the price of BTC will continue to rise to $40k. Though, it
remains to be seen if the digital currency can break past that
level. The Bitcoin rise could very well stop after hitting the $40k
resistance level, and the market could become range-bound below
this level. Or perhaps it will carry the bullish momentum and break
past the range to continue further beyond.
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