Following the report published by the Institute for Supply Management (ISM), sentiment across the cryptocurrency landscape has shifted towards the bearish side for a short time. Amidst this, Bitcoin (BTC) the world's largest cryptocurrency by market cap has fallen in price by more than 10% and has reached a critical level.
$1.02 billion worth of BTC outflows from exchanges
It's been three days since the market saw a sustained decline in prices, but one thing garnering a lot of attention from crypto enthusiasts is the ongoing rally by long-term holders, as reported by the chain analysis company Coinglass.
Data from spot inflow/outflow indicates that exchanges, in the same period, saw an outflow of more than $1.02 billion of BTC. This substantial outflow indicates that long-term holders have withdrawn these BTC from exchanges to their wallets, which is a good sign.
Is This the Right Time to Buy Bitcoin?
This data clearly shows that whales and long-term holders are regularly buying BTC, taking advantage of the recent price decline ahead of the inauguration of President-elect Donald Trump. Trump.
BTC Path to $100K or Fall to $74K?
With the continuous price decline, BTC price has reached the critical level near the $92,250 mark, where it regularly experiences price reversals. Historically, BTC has reached this level four times, and each time it saw a rally of almost 10%.
Based on this data, experts and analysts are considering a similar upside trend. If this happens, there is a high chance that Bitcoin could reach the $100,000 mark again in the coming days.
Meanwhile, if BTC fails to hold this crucial level and closes a daily candle below the $91,000 mark, there is a strong possibility that it could drop another 18% to reach the $74,000 support level.
Current price momentum
Currently, BTC is trading near $92,450 and has seen a price decline of over 1.40% in the last 24 hours. At the same time, traders and investors seem reluctant to participate, resulting in a 9% decrease in trading volume.
Source: https://coinpedia.org/news/time-to-buy-bitcoin-1-02b-btc-outflow-raises-hopes-of-price-rebound/
