Time to Buy Bitcoin? $1.02B BTC Outflow Raises Hopes of Price Rebound
Following the report released by the Institute for Supply Management (ISM), sentiment across the cryptocurrency landscape has shifted towards the bearish side for a short period. Amid this, Bitcoin (BTC) the world’s largest cryptocurrency by market cap has experienced a price decline of over 10% and has reached a crucial level.
$1.02 Billion Worth of BTC Outflow from Exchanges
It has been three days since the market witnessed a continuous price decline, but one thing gathering significant attention from crypto enthusiasts is the ongoing accumulation by long-term holders, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges, during the same period, witnessed an outflow of over $1.02 billion worth of BTC. This substantial outflow indicates that long-term holders have withdrawn these BTC from exchanges to their wallets, which is a positive sign.
Is This the Right Time to Buy Bitcoin?
This data clearly shows that whales and long-term holders are consistently buying BTC, taking advantage of the recent price decline ahead of President-elect Donald Trump’s inauguration.
BTC’s Path to $100K or a Drop to $74K?
With the continuous price decline, the BTC price has reached its crucial level near the $92,250 mark, where it consistently experiences price rebounds. Historically, BTC has reached this level four times, and each time it witnessed a rally of nearly 10%.
Based on this data, experts and analysts speculate a similar upside momentum. If this occurs, there is a high possibility that Bitcoin could once again reach the $100,000 mark 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 it could drop another 18% to reach the $74,000 support level.
Current Price Momentum
Currently, BTC is trading near $92,450 and has experienced a price decline of over 1.40% in the past 24 hours. Meanwhile, traders and investors appear hesitant to participate, resulting in a 9% drop in trading volume.
