• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Exchanges Report Massive Withdrawals as Price Eyes $12K-Retest

A $1.23 billion worth of Bitcoin tokens moved out of all the cryptocurrency exchanges a day after BTC/USD fell $1,500.

Yashu Gola by Yashu Gola
8 months ago
in Bitcoin, Technical analysis
Reading Time: 3min read
Bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt

Bitcoin Exchanges Report Massive Withdrawals as Price Eye $12K-Retest

Advertisement
  • The amount of Bitcoin tokens held across all cryptocurrency exchanges dropped dramatically earlier this week.
  • Traders withdrew over 110,000 BTC on August 3 – a day after the BTC/USD rate plunged from $12,000 to as low as $10,500.
  • On-chain analyst Cole Garner theorized the outflow as a sign of whales buying the Sunday sell-off.

A $1.23 billion worth of Bitcoin tokens moved out of all the cryptocurrency exchanges a day after BTC/USD fell $1,500.

According to data fetched by CryptoQuant, Bitcoin balances on trading platforms fell from roughly 2.50 million to 2.39 million on Monday. It was the same day the cryptocurrency rebounded from its local support level near $10,500 to approach $11,500.

Bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Bitcoin held on exchanges dropped dramatically on Monday. Source: Crypto Quant

The sequence led on-chain analyst Cole Garner to assume that Bitcoin whales–entities holding larger quantities of crypto tokens– saved the cryptocurrency from falling anywhere below $10,500. They bought the dip and later withdrew their winnings from exchanges to become “HODLERS” – a slang term for holders.

“The amount of #Bitcoinheld on exchanges just dropped off a cliff,” tweeted Mr. Garner. “It happened two days ago – whales bought up the selloff. $BTC flowing out of exchanges is bullish.”

As it appears, the massive withdrawal shortly followed a modest spike in the Bitcoin price. As of Thursday, BTC/USD had established a weekly top at $11,615.

Parallel Theories

Mr. Garner’s bullish theory met with limited skepticism. One of the respondents to his tweet, CryptoQuant itself, argued that exchanges, too, periodically migrate cryptocurrencies from their hot wallets to cold wallets.

The practice limits the risks of losing all the coins should there be a security breach.

On Tuesday, Binance, one of the largest cryptocurrency exchanges by volume, moved nearly 68,101 BTC to a newly created wallet. CryptoQuant noted that it was still not clear whether the address belonged to a custodian service or an offline wallet. The portal nevertheless made a bullsh case, stating:

“Even if it’s Binance’s, it could be a bull signal since Binance decided to reduce the portion of hot wallets in charge of user withdrawals.”

Bitcoin Eyeing $12K-Retest

The theories appeared as Bitcoin continues to trade below $12,000, its year-to-date high. Observers noted that the cryptocurrency could attempt a close above the said level as long as it trades under the macro influence.

In retrospect, Bitcoin broke above $10,500 on increasing bids for safe-haven assets among mainstream investors. As the bond market became too expensive, yields fell to their record lows, and US dollar continued its decline, hedging assets such as gold, silver, and bitcoin surged higher.

“If the dollar continues to depreciate, there is a high probability that #Bitcoin will continue to rise,” said Jay Hao, the CEO of cryptocurrency exchange OKEx.

Bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt

BTCUSD rebounded by more than $1,000 from its support near $10,500. Source: TradingView.com

That also explains why the HODLING sentiment lately surged among the Bitcoin investors.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

1 hour ago
bitcoin dollar dxy btcusd

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

6 hours ago
Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

14 hours ago
Ethereum

TA: Ethereum Sets New ATH, Here’s Why The Bulls Could Aim $2,500

21 hours ago
Bitcoin

TA: Here’s Why Bitcoin Price is Signaling Upside Continuation To $65K

23 hours ago
bitcoin bearish chart

The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.