Bitcoin
$ 53,162
Ethereum
$ 2,996.6
XRP
$ 0.9451

The rise in the price of Bitcoin coincides with the continued exit of Bitcoin from the trading platforms

Source: https://bit.ly/3j0ggAU

Bitcoin scared investors this week when it fell to $44,000.

The larger cryptocurrency then rebounded from the $45,000 support and closed the gap to $48,000.

However, the bulls seemed to run out of steam, which represented a real challenge to climb to $50,000.

Where there has been a failed breakout attempt, bitcoin’s price slipped to $44,000 by Thursday.

Bitcoin price back on track:

Bitcoin is currently trading just above $47,000.

Buyers are keen to secure higher support as their focus shifts to the psychological $50,000 level.

The 200-day simple moving average (SMA) is aligned to provide much-needed support.

On the upside, Bitcoin should break the $48,000 resistance to clear the way towards $50,000.

More buy orders are expected as investors adjust to Bitcoin trading above $50,000.

The Relative Strength Index (RSI) is currently pointing into the overbought territory after the canceled move to its mid-line as in the chart below, since the RSI closes the gap to 70, the upward grip on the price will intensify.

It is necessary to realize that the sell signal from the Moving Average Convergence Divergence (MACD) can be canceled soon once the 12-day exponential moving average returns above the 26-day moving average.

Perhaps trading above $48,000 will reinforce the bulls’ influence in the market.

The continued flow of Bitcoin out of the exchanges:

There are many bullish expectations for the bitcoin price, especially after the outflow of bitcoin exchanges increased significantly.

In just the past 30 days, cryptocurrency holders have withdrawn 111,000 bitcoins from cryptocurrency exchange wallets.

Willy Clemente argues that investors have a long-term plan to hold bitcoin, and describes the current bitcoin exodus as one of the most dangerous stock exchange drops in bitcoin history.

Willy Clemente argues that investors have a long-term plan to hold bitcoin, and describes the current bitcoin exodus as one of the most dangerous stock exchange drops in bitcoin history.

Glassnode recently confirmed the massive outflows that continued until this month, August, and indicated this:

Bitcoin exchange inflows returned to dominance of outflows until August, as investors withdraw bitcoin from exchanges.

The market has gone through a number of stages of bitcoin inflow dominance from exchanges over the past year, with outflow dominance last recorded in late 2020.

Bitcoin levels today:

  • Spot price: $47,100
  • Direction: upward
  • Volatility: increasing
  • Resistance: $48000
  • Support: 200 SMA and $44,000

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