Market Momentum Shift: Investors’ $18.84 Million Bitcoin Pullout Sparks Reversal Hopes

Investors Pull $18.84 Million in Bitcoin from Exchanges: Are Big Buyers Back?

Bitcoin (BTC) has witnessed a significant surge in the past few days, with its price climbing above $114,000 amid growing bullish sentiment. In a surprising turn of events, investors have pulled a whopping $18.84 million worth of BTC from exchanges over the past 24 hours, casting doubts on whether this trend reversal is sustainable.

The data suggests that traders, investors, and long-term holders are accumulating Bitcoin as the market remains bearish for many cryptos. This could be an early indication of the impending end to the downtrend, and a potential shift towards a new bull run.

In light of this, the recent price action appears primed for a recovery bounce on the charts. The TD Sequential buy signal flashed on the 12-hour chart has triggered, signaling a reversal in Bitcoin’s downward trajectory. This could be a clear indication that large buyers are returning to the market.

The TD Sequential indicator is known for identifying trend reversals and predicting subsequent rallies. Its appearance alongside the 9-count formation on the charts suggests that sellers may have exhausted themselves, paving the way for aggressive buying.

This buy signal has been amplified by a surge in exchange outflows of $18.84 million, hinting at significant accumulation activity. The Long/Short Ratio has also hit an impressive 1.54, which indicates that nearly 61% of open positions are now long, further bolstering the argument for sustained upward momentum.

The data from CoinGlass reveals that this accumulation is driven by both institutional and retail investors alike. Metaplanet, a prominent investment firm, has even invested in Bitcoin at the current low price, suggesting that institutions have taken advantage of the dip to accumulate more BTC.

This accumulation, when combined with the TD Sequential buy signal, paints a bullish picture for Bitcoin’s prospects moving forward. While some may argue against this narrative, citing an impending crash or washout, the data suggests that investors are not only accumulating but also positioning themselves for a potential upswing.

In conclusion, it is essential to acknowledge the growing trend of accumulation and position sizing among the investor community, which could be fueling the recent price surge.

Source: ambcrypto.com