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bitcoin price massive Coinbase outflows bitcoin
Nexo Logo

Massive Coinbase Outflows Suggest Bitcoin Price Is Ready To Bounce

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is reeling from a strong rejection from above $60,000 that has sent the leading cryptocurrency by market cap tumbling back down by more than $10,000 per coin. However, massive ongoing outflows of BTC continue to leave popular cryptocurrency exchange Coinbase Pro at an alarming rate.

The overall lack of BTC supply that only shrinks further by the day, will once again be dominated by demand, potentially causing the previously trending cryptocurrency to bounce. Could that bounce develop into a resumption of the historic uptrend? Here’s what fundamentals are saying about further continuation or correction for Bitcoin price ahead.

Coinbase BTC Outflows Continue, What Corporations Are Potentially Buying The Dip?

Bitcoin price is down more than $10,000 from its current all-time high, yet still more than double the previous peak set back in 2017.

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The leading cryptocurrency has now spent more than 100 days above the former high, and likely will never return to levels near or below it.

Related Reading | Stablecoin Supply Rising, Diminishing Bitcoin Reserves Ready To Fuel Next Leg Up

In fact, Bitcoin price action might not deviate much lower than current levels, thanks to massive Coinbase Pro outflows.

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I think y'all know what massive outflows from Coinbase Pro usually means.$BTC pic.twitter.com/QS3LK39WZW

— Joseph Young (@iamjosephyoung) March 26, 2021

Thousands of BTC leaving the popular cryptocurrency exchange catering to institutional investors has been called the most bullish signal “ever” and that was hundreds of thousands of BTC ago.

Technical factors are overheated in the cryptocurrency after such a sizable price increase, but soon, fundamentals could take over leading to a strong bounce.

Bitcoin Price To Bounce As Supply Shock Expected To Overpower Bearish Technicals

Thus far, the presence of institutions and corporations with deep wallets and cash reserves with dwindling buying power has left very little room for corrections.

Dips are being bought up long before retracements reach to past bull market totals, but that doesn’t mean momentum can’t finally turn down for even a brief time.

bitcoin coinbase corproations

Institutions and corporations buying each dip is preventing any serious corrections | Source: BTCUSD on TradingView.com

But eventually, regardless of any technical factors, no BTC left to buy could cause a supply shock that drives prices to hundreds of thousands of dollars per coin before demand begins to wane again, and available supply returns to exchanges for investors to take profit.

Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

At that point, the top will be in. For now, the ongoing massive outflows suggest the top is nowhere near in sight, and that bigger players are currently buying the blood in the streets.

The line in the sand drawn between bears and bulls moving higher lies at $60,000. Another move beyond that level could be an all-clear sign that the rally is ready to continue higher.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcoinbasecryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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