Bitcoin Price Prediction
Bitcoin’s exchange balances have dropped to their lowest level since March 2018, falling below 2.3 million BTC. This significant decline, driven by major outflows from Binance and Coinbase, suggests a shift towards long-term holding strategies.
As large holders, or “whales,” transfer their assets to private wallets, the trend indicates anticipation of future price increases.
This situation has prompted a bullish outlook for Bitcoin as investors speculate on the potential for significant gains in the near future.
Bitcoin Exchange Balances Hit Five-Year Low, Major Outflows from Binance and Coinbase
Bitcoin balances on exchanges have dropped to their lowest level since March 2018, falling below 2.3 million BTC. This decline is driven by significant outflows from major exchanges like Binance and Coinbase, suggesting a shift towards long-term holding strategies.
Exchange Balance – Source: Glassnode
Over the past year, Binance, which holds the largest Bitcoin reserves, has experienced substantial withdrawals. Similarly, Coinbase saw one of the largest outflows in 2024, with nearly 16,000 BTC moved in a single day.
This trend indicates that large holders, or “whales,” are transferring their assets to private wallets in anticipation of future price increases.
Key Points:
Exchange balances below 2.3 million BTC
Major outflows from Binance and Coinbase
Indication of long-term holding strategies
Bitcoin (BTC/USD) Technical Outlook: June 2, 2024
Bitcoin is currently priced at $67,731 on the 4-hour chart. The pivot point, marked by the green line, stands at $68,000, suggesting a bearish Bitcoin price prediction as long as BTC holds below this level.
Immediate resistance levels are identified at $69,000, $70,600, and $71,000. On the downside, immediate support is at $66,650, followed by $65,950 and $65,150.
The RSI is at 46.62, indicating a neutral trend, while the 50-day Exponential Moving Average (EMA) is $68,000, aligning with the pivot point. The upward trendline supports Bitcoin near $66,650, reinforced by a double bottom pattern.
Typically, a double bottom can drive a bullish bounce, which is evident as Bitcoin holds around the $67,750 level.
Currently, the 50-day EMA is limiting Bitcoin’s upward movement to nearly $68,000. If BTC manages to break above this, it could target the next resistance at $69,000 and potentially higher.
Bitcoin Price Prediction – Source: Tradingview
However, both the 50-day EMA and the Relative Strength Index (RSI) are currently bearish, causing Bitcoin to struggle to surpass the $67,800 level. The formation of doji and spinning top candles indicates market exhaustion, with investors waiting for a clear direction.
For now, keep an eye on the pivot point at $68,000. If Bitcoin falls below this level, the market is likely to remain bearish. Conversely, a move above this pivot point could signal an opportunity for a bullish movement.
In conclusion, consider buying above $68,000 for potential gains, while a fall below this level may suggest a bearish trend.
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pic.twitter.com/Y19TEbKwjc
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The post Bitcoin Price Prediction as Exchange Balances Hit Five-Year Low – Bullish Outlook for BTC? appeared first on Cryptonews.
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