Bitcoin drops below $68K, but long-term holders accelerate buying

BitcoinBTCThe price of, which is a measure of the value in years to come, fell towards $67,000 at Friday’s European session despite an increased long-term purchasing. The withdrawals of foreign currency also reached 16-month highs. This indicates a reduced demand for the currency. “immediate selling pressure,” A new analysis has been released.

Takeaways from the conference:

• Bitcoin withdrawals increase, decreasing the BTC for sale.

• Over the past month, long-term holders have added 155.450 BTC.

• Bitcoin analysts view $65,000–$66,000 as a potential support zone for a bounce.

The Bitcoin market is becoming more tight as the long-term buyers increase their purchases.

CryptoQuant’s Exchange Flow Data highlighted “renewed signs of supply tightening,” As large Bitcoin withdrawals are continuing across all major exchanges. 

As shown in the graph below, investors removed nearly $1.6 billion worth of BTC on March 16 as indicated by the orange bars.

Related: Bitcoin floor ‘near $70K’ as TradFi returns: Will war, inflation break their belief?

The trend is now spreading to other exchanges. On Sunday, $678 millions were withdrawn from OKX, on Monday $728 from Kraken, and on Wednesday another $400 in BTC was withdrawn from Binance.

“This pattern suggests that the latest wave of withdrawals is no longer isolated to one platform,” Amr Taha, CryptoQuant Analyst said In his most recent QuickTake Analysis. 

Figures support latest data Bitcoin whales and sharks have been accumulating Over the past two months, there has been a trend that may trigger an eventual breakout from the range. 

The data shows that long-term investors (LTHs), who hold Bitcoin for over 155 days have increased their buying.

LTH has had a positive net change since 5 March, with 155,450 BTC being bought in the last 30 day.

The holders of the shares are investing more in the dilution, as well. latest one below $68,000.

Bitcoins leaving exchanges and LTHs expanding their positions is a sign of a rift. “usually signals lower immediate sell pressure and stronger conviction from investors with a longer time horizon,” Amr Taha says:

As this trend persists, we could enter another phase of tighter sell-side liquidity as well as stronger LTH demand. “create a more supportive backdrop for price,” The analyst also added.

Bitcoin Price to Recur at $65,000 Before Bouncing

You can also read about the advantages of using Cointelegraph reportedLosing $70,000 could be the catalyst for Bitcoin’s next decline.

BTC/USD is trading at a price below $67,000 as of the date this post was published, and below both the SMA (simple moving average) for 50 days and the EMA for 200 weeks. moving average (EMA).

They will try to drive the price up towards the $65,000 – $63,300 zone of demand, but with more focus on the range low below $60,000, reached on Feb. 6.

“It’s quite clear that there’s not enough strength for the markets to move higher after that rejection at $75K,” MN Capital founder Michael van de Poppe said Recently, X posted.

A chart with the accompanying price suggested the market was trying to reach a new low in the range of $65,000-$66,000, but failed to do so. “we’ll start to see an acceleration downwards,” van de Poppe said, adding:

“I would be looking at longs in the lower-$60K range.”

Glassnode’s liquidity heatmap highlighted “stronger” The presence of whale orders in the $65,000 range suggests that BTC prices could be retested before they bounce.

You can also read about the advantages of using Cointelegraph reportedBitcoin’s price could drop to $60,000 if it breaks and closes below the trendline ascending at $68,000. It could then consolidate.