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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Revisits $44k As Exchange Outflows See Uptick

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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Bitcoin has enjoyed some uptrend over the past day as the crypto once again visits the $44k price level. On-chain data suggests that an uptick in exchange outflows may be behind the move.

Bitcoin Exchange Outflows Observe A Spike In The Past Couple Of Days

As pointed out by an analyst in a CryptoQuant post, the BTC exchange outflows have showed raised values recently.

The “all exchanges outflow” is an indicator that measures the total amount of Bitcoin exiting wallets of all exchanges.

When the value of the metric goes up, it means more BTC is currently exiting exchanges. Such a trend has usually been bullish as holders usually withdraw their coins to personal wallets for hodling purposes. Prolonged large outflows can be a sign of whale accumulation.

On the other hand, when the indicator’s value stays low, it implies not many investors are moving their Bitcoin off exchanges at the moment.

This trend can be bearish if the opposite metric, the inflow, spikes up. This is because holders usually deposit to exchanges for withdrawing to fiat or for purchasing altcoins.

Related Reading | Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal

Now, here is a chart that shows the trend in the Bitcoin all exchanges outflow indicator over the past year:

Bitcoin Outflows

The indicator's value seems to have spiked up | Source: CryptoQuant

As you can see in the above graph, the value of the Bitcoin outflow has shown an uptick recently. This means that a large amount of withdrawals has taken place over the past couple of days.

Related Reading | SOPR Shows Bitcoin Holders Continue To Sell At A Loss, Similar To May-June 2021

According to the quant, this trend might show that the $40k price level is important to some investors. Whenever the crypto approaches a support level, outflow spikes like these usually occur as holders are keen to buy more as Bitcoin’s value dips to such levels.

BTC Price

At the time of writing, Bitcoin’s price floats around $43.8k, up 2% in the last seven days. Over the past month, the crypto has lost 12% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to have finally shown some upwards momentum | Source: BTCUSD on TradingView

After weeks of trending downtrend, Bitcoin finally seems to have shown some solid movement up as the crypto broke past the $44k mark several times in the past day.

The move may have been fueled by the recent uptick in the exchange outflows. It’s unclear at the moment if this is the rally that will help the crypto escape from the $40k to $45k range. Nonetheless, it’s some upwards momentum for the coin at last.

Featured image from Unspash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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