- Over the past week, investors have switched from selling military-technical cooperation to saving
- Analysts hope this is a sign of the end of the bottom
- Also, technical indicators indicate a trend change.
The cryptocurrency market has experienced a series of painful crashes. But this week the charts started to change from red to green. And on the exchanges began a massive outflow of BTC.
Since June 14, more than 108,200 BTC have left the wallets of the largest crypto exchanges. This is evidenced by data from Glassnode, which was published by their analyst Ali Martinez:
In other words, in just one week, 2.21 billion bitcoins were withdrawn from the exchanges (based on the current BTC rate).
What does it mean?
As a rule, the inflow and outflow of capital from exchanges depends on the mood of the market. When the inflow increases, we are talking about selling pressure. The massive outflow means increased buying pressure.
In the current situation, we see that more market participants are planning to buy / store bitcoin than those who want to sell. Analyst Martinez calls this phenomenon a “mood of hope”:
If this trend continues for a long period, it will be possible to speak of signs of an impending bullish trend.
The same opinion is shared by Bloomberg crypto expert Mike McGlone. In his opinion, bitcoin has already reached the bottom. This is shown by the analysis of moving averages and other technical indicators.
The fact that the market has reached or almost reached the bottom, they write in their report Glassnode. Read their detailed analysis on our website.