{"id":16228,"date":"2021-08-20T05:12:08","date_gmt":"2021-08-20T05:12:08","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=16228"},"modified":"2021-08-20T05:14:01","modified_gmt":"2021-08-20T05:14:01","slug":"news-commentary-1441-bitcoin-5-billion-exchange-outflow-bid-for-50000","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=16228","title":{"rendered":"News Commentary #1,441 \u2013 Bitcoin | $5 Billion Exchange Outflow | Bid For $50,000 ..?"},"content":{"rendered":"

Based on the latest metrics, exchanges have seen a large outflow of bitcoins, which in most cases is a strong signal, that holders really want to hold and not trade.<\/p>\n

Usually these things happen right before the price move UP. Will this time be an exception or confirmation of such an observation for many previous years? \ud83d\ude42<\/p>\n

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Bitcoin has scared investors this week as it descended to $44,000. Earlier,\u00a0the flagship cryptocurrency\u00a0bounced off support at $45,000 and closed the gap to $48,000. However, bulls ran out of steam, challenging the run-up to $50,000. A correction from this failed attempted gradually slid to $44,000 by Thursday.<\/p>\n

Bitcoin Price Uptrend Back On Course<\/h2>\n

BTC is trading slightly above $47,000 at the time of writing. Buyers are keen on securing higher support as their focus shifts to $50,000. The 200-day Simple Moving Average (SMA) is in line to offer the much-needed support.<\/p>\n

On the upside,\u00a0Bitcoin\u00a0must crack the barrier at $48,000<\/strong> to clear the path toward $50,000<\/strong>. More buy orders are expected as investors acclimate to BTC trading above $50,000. Realize that the Relative Strength Index (RSI) currently eyes the overbought area following a canceled move to the midline. As the RSI closes the gap to 70, the bullish grip on the price will intensify.<\/p>\n

It is essential to realize that a sell signal from the Moving Average Convergence Divergence (MACD) could be nullified soon as the 12-day EMA returns above the 26-day EMA. Perhaps trading above $48,000 will cement the bulls\u2019 influence in the market, setting the pace for further northbound price action.<\/p>\n

BTC\/USD Daily Chart<\/h2>\n
\"BTC\/USD<\/a>
BTC\/USD price chart by\u00a0Tradingview<\/a><\/figcaption><\/figure>\n

Meanwhile, the bullish outlook comes after Bitcoin exchange outflows soared massively. In just 30 days<\/strong>, crypto holders have drawn 111,000 BTC from exchange wallets<\/strong>. Drawing from exchanges suggests that investors have a long-term plan to hold. Will Clemente term it as \u201cone of the sharpest drops of exchange inventories in Bitcoin\u2019s history.\u201d<\/p>\n

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Exchanges down 111,033 BTC in the last 30 days. One of the sharpest drops of exchange inventories in Bitcoin\u2019s history.\u00a0pic.twitter.com\/SjHVzOV7z2<\/a><\/p>\n

\u2014 Will Clemente (@WClementeIII)\u00a0August 18, 2021<\/p>\n<\/blockquote>\n

Glassnode, a renowned on-chain analytics platform, recently confirmed the massive outflows running through August.<\/p>\n

\u201cBitcoin exchange flows have returned to a dominance of outflows through August as investors withdraw $BTC.<\/p>\n

The market has transitioned through a number of phases of exchange flow dominance over the last year, with outflow dominance last seen in late 2020.\u201d<\/p>\n

Bitcoin Intraday Levels<\/h2>\n

Spot rate: $47,100<\/p>\n

Trend: Bullish<\/p>\n

Volatility: Growing<\/p>\n

Resistance: $48,000<\/strong><\/p>\n

Support: The 200 SMA and $44,000<\/strong><\/p>\n<\/blockquote>\n