On March 14, when Bitcoin reached a new all-time high of about $73,798., an incredible $750 million worth of BTC was removed from multiple cryptocurrency exchanges, according to on-chain analytics company IntoTheBlock.
The amount of Bitcoin that was taken out of exchanges in the last 24 hours was over $750 million, according to IntoTheBlock—the most since May 2023. The majority of these withdrawals, $524 million and $130 million, respectively, come from the Bitfinex and Kraken exchanges.
https://x.com/intotheblock/status/1768592828362289234?s=20
This week saw Bitcoin reach an all-time high for the fourth cycle, bringing emotions one step closer to ecstasy. According to Glassnode, the traditional wealth transfer from the HODLer cohort to speculators is already well advanced, as shown by the sharp increases in spot profit-taking and the desire for futures leverage.
As investors want to safeguard their holdings independently, the withdrawal of Bitcoin from exchanges might be interpreted as a sign of investor confidence in the cryptocurrency’s long-term worth.
Bitcoin price drops
After hitting a record high for the sixth time in seven days, Bitcoin dropped below $70,000 as investors pulled out of riskier assets across financial markets.
The biggest cryptocurrency had hit an all-time high of $73,797 before falling as much as 9% to $65,565. XRP, Ethereum, Shiba Inu, and other coins all saw sharp declines.
Even as several economic sectors exhibit signs of slowing down, U.S. shares and cryptocurrencies fell as another robust inflation data supported speculation that the Federal Reserve may not be in a rush to lower interest rates. The allure of cryptocurrencies is sometimes heightened by low interest rates.
With 382,000 addresses holding more than 275,000 BTC, cryptocurrency analyst Ali thinks that as investors wait to see where Bitcoin goes next, it has built a sturdy support zone between $64,750 and $66,700.
Ali pointed out that it might be crucial to keep a careful eye on this level since losing it could draw attention to the next big demand zone, which is defended by over 298,000 Bitcoin and 797,500 addresses, between $60,760 and $62,790.
Bitcoin, on the other hand, encounters strong resistance between $70,180 and $71,340. 533,300 addresses, which together possess 433,000 Bitcoin, bolster this barrier.
