- Bitcoin exchange withdrawals hit another four-month high as speculation for higher highs grows.
- BTC holds above the $62,000 immediate support as bulls plan the mission to $70,000.
Bitcoin’s upswing to a new all-time high triggered massive action across the market. Crypto assets like Solana have reclaimed levels not seen in months while keeping the uptrend unbroken. Ethereum nearly closed the distance to the all-time high, but currently, it has retreated to test support at $4,100.
Bitcoin is trading at $63,150 after losing nearly 2% of its value in 24 hours. The flagship cryptocurrency ascended to a new all-time high of $67,027, a move that increased investor confidence in the market. Most analysts believe Bitcoin has the potential to rise above $70,000 in the near term.
Bitcoin Exchange Withdrawals Soar Catalyzing Uptrend
According to Glassnode, one of the leading providers of on-chain data and metrics, the number of Bitcoin exchange withdrawals based on a seven-day moving average has reached a four-month high of 1,902.893. Note that the previous four-month high of 1,902.857 was recorded on October 21, 2021.
It is worth mentioning that an increase in exchange withdrawals is regarded bullish signal. It infers that investors are betting on Bitcoin swinging to a higher high in the near term. Moreover, withdrawals reduce the amount of overhead pressure, thus leaving Bitcoin with a relatively smooth trajectory.
BTC/USD Daily Chart
Bitcoin appears to have secured support at $62,000. The pullback from the new record highs is to allow more investors to get on the bandwagon. Another swing above $67,000 will most likely boost BTC past $70,000.
The positive technical outlook is valid for both the short-term and the long term. The RSI is currently not oversold, leaving bulls will more room to explore. On the other hand, the MACD spots a buy signal, but it calls for caution because it could transform to a bearish sign if BTC fails to hold above the immediate support.
Bitcoin Price Intraday Levels
Spot rate: $63,168
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5