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A Potential Bitcoin Price Explosion Above $60,0000 is Brewing; Here’s Why

Has the Bitcoin market topped out as traders constantly fail to achieve a breakout move above $60,000? Apparently, no.
Bitcoin upside trapped by $60,000-resistance. Source: BTCUSD on TradingView.com
According to Ki-Young Ju, the CEO of CrypoQuant — a South Korea-based blockchain analytics firm, Bitcoin has every reason to break bullish on $60,000. The analyst cited one reason behind his upside take on the flagship cryptocurrency: the declining bitcoin balances across all the crypto exchanges.
Bitcoin Outflow Increases
CryptoQuant tracks the number of bitcoin exchanges hold in their publicly visible addresses. When traders deposit their BTCs in the exchanges’ wallets, the firm considers that they either do so for trading it for other crypto assets or dump them entirely to cash out.
Conversely, when traders withdraw their BTCs from exchanges, CryptoQuant says it shows their willingness to hold the tokens.
Mr. Young looked at the relationship between Bitcoin’s price peak and the number of bitcoin inflow into exchanges by mentioning January 2018. The month saw the BTC/USD exchange rate topping out near $20,000. Its rally coincided with a spike in BTC inflows across all the cryptocurrency exchanges operational back then. Later, the pair crashed to as low as $3,100 in December 2018.
Bitcoin Exchange Inflows at their three-year low. Source: CryptoQuant
Nevertheless, the factors surrounding April 2021 are entirely different. Instead of bitcoin inflow, the outflow is spiking from all exchanges. That shows the “HODL” mentality even though the Bitcoin price trades near its previous peak level of $61,778 (data from Coinbase). Traders do not want to …
Story continues on Bitcoinist

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