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Investors Pull $18.84 Million in Bitcoin From Exchanges, Are Big Buyers Back?
Bitcoin has been making some waves lately as investors have withdrawn a staggering $18.84 million worth of the cryptocurrency from exchanges over the past 24 hours. This significant outflow is raising eyebrows and leading many to wonder if big buyers are back in the game.
In recent times, Bitcoin has been trending downwards, causing many to question the direction of the market. However, this sudden influx of Bitcoin into wallets could be a sign that investors are starting to take notice and make a move on the digital currency.
According to CoinGlass, these investors are not just any ordinary traders; they are institutions and long-term holders who have been patiently accumulating the token over time. This accumulation could potentially be an early indication that institutional buyers are getting back into Bitcoin.
The data from CoinGlass suggests that this accumulation is taking place as a result of some key fundamental shifts in the market, including the reclaiming of the lower boundary of its Descending Channel Pattern and the printing of a TD Sequential ‘Buy’ signal on its 12-hour chart.
It’s worth noting that Bitcoin has been experiencing a strong bounce recently, bouncing from $113.5K after this TD Sequential buy signal appeared. This signals that traders might be buying the dip rather than fading it.
The Long/Short Ratio hit 1.54, which translates to 60.65% of open positions being long—a sign that traders are increasingly positioning themselves for an upside move in Bitcoin’s price.
In addition to this data, we can also see evidence of institutional accumulation taking place. Data from Metaplanet reveals that they have purchased 463 BTC worth $53.7 million, further fueling the notion that institutions are indeed buying the dip and looking at long-term prospects rather than just short-term gains.
This development raises an interesting question: Can a 3.3% rally materialize? According to AMBCrypto’s analysis, Bitcoin could potentially rally up to $118,000 if it sustains its momentum above $114,000.
In conclusion, the recent outflow of Bitcoin from exchanges and accumulation by institutional investors is certainly a bullish sign for the cryptocurrency.
Source: ambcrypto.com
