Price struggles at $32,000 as users withdraw Bitcoin (BTC) from cryptocurrency exchanges
According to a chart created by the Glassnode data aggregator, users have started withdrawing Bitcoin from exchanges. BTC holders refused to sell BTC at the current price and moved their holdings for long-term storage.
The chart was shared by the leading Twitter account BTC_Archive. The user reminded his 376.1K followers that users removing their crypto from exchanges are pushing the momentum towards a price increase.
Users had been sending their BTC to cryptocurrency exchanges for about two months before the red area on the chart showed Bitcoin being withdrawn to cold wallets. Instead of sending BTCs to cryptocurrency exchanges to be sold, Bitcoin mining giants started to accumulate the BTC they produced.
The fact that miners are accumulating Bitcoin indicates that the selling pressure on the leading cryptocurrency may be reduced in the near future.
Last week, Santiment reported that Bitcoin currency balances were at their lowest ever in 2021 due to large withdrawals. Also, BTC supply moving out of exchanges is similar to the big move last seen in November 2018.
According to data shared by IntoTheBlock last week, 314,000 wallet owners bought 241,000 Bitcoins on the decline. The current price of BTC, which is about 32,000, corresponds to $ 7,962,013,400 in fiat money.
The purchase was made while Bitcoin was trading between $30,000 and $31,000 in late June.
Posted Using LeoFinance Beta
Source of plagiarism
There is reasonable evidence that this article has been spun, rewritten, or reworded. Posting such content is considered plagiarism and/or fraud. Fraud is discouraged by the community and may result in the account being Blacklisted.
Guide: Why and How People Abuse and Plagiarise
If you believe this comment is in error, please contact us in #appeals in Discord.