BTC Exchange Withdrawals On 4-Month High – $70K The Next Stop?

  • Bitcoin exchange withdrawals attained a four-month peak as market players anticipate higher highs in the upcoming sessions.
  • Bitcoin hovers above the closest support at $62,000 as optimistic traders target $70,000.

The recent Bitcoin surge to record highs catalyzed price actions across the crypto spectrum. Alternative coins such as Solana recorded multi-month highs and maintained their upside momentum, aiming for new ATHs. Ethereum was an inch away from hitting its all-time high before retracing to hover at $4,100 support.

While publishing this content, Bitcoin traders at $63,151 after dropping 2% of its value in 24 hours. The flagship crypto surged to its ATH at $67,027 over the past few sessions. Such moves appeared to boost investor confidence. For now, most analysts trust that BTC has all the momentum to touch $70,000 in the short term.

BTC Exchange Withdrawals Surge, Catalyzing Price Uptrends

Data from Glassnode, among the leading metrics and on-chain data providers, shows that the asset’s exchange withdrawals on a 7-day moving average touched a 4-month peak at $1,902.893. Remember, Bitcoin recorded its previous 4-month high on 21 October this year at $1,902.857.

Remember, surging exchange withdrawals is a bullish case. It reflects investors’ confidence and betting on Bitcoin’s rise in the short term. Also, it reduces overhead pressure on the digital currency, smoothening its road to higher highs.

BTC-USD Daily Price Chart

Bitcoin seems to have found support around the $62,000 mark. The correction from the ATH will allow more traders to join the Bitcoin market. If the dominant crypto sees an upswing above $67,000, it might approach $70,000 with fewer hurdles.

The positive outlook by the technical indicators supports both the near- and long-term price trajectory. The Relative Strength Index is not oversold, offering bulls the opportunity to explore high price areas. Meanwhile, the Moving Average Convergence Divergence cautiously displays a buy gesture that might shift into bearishness if Bitcoin fails to keep its movements beyond the nearest support.

If the overall market keeps the impressive mood, Bitcoin and other digital currencies will rise to hit their targets in the upcoming trading sessions.

Intraday Levels

  • Sport rate – $63,168
  • Trend – bullish
  • Volatility – high
  • Support level – $62,000
  • Resistance level – $67,000

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