{"id":149650,"date":"2022-01-15T23:07:05","date_gmt":"2022-01-15T23:07:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=149650"},"modified":"2022-01-15T23:07:05","modified_gmt":"2022-01-15T23:07:05","slug":"massive-bitcoin-outflows-rock-crypto-exchanges-as-charts-signal-extreme-bullish-winter","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/massive-bitcoin-outflows-rock-crypto-exchanges-as-charts-signal-extreme-bullish-winter\/","title":{"rendered":"Massive Bitcoin Outflows Rock Crypto Exchanges As Charts Signal Extreme Bullish Winter"},"content":{"rendered":"<p>Bitcoin continues to exude strength despite the price being 38% below its all-time high. This strength is however being attributed to several reasons that experts argue are key recipes in igniting a sustained bull run this winter.<\/p>\n<h2><strong>Bitcoin Outflows Surge<\/strong><\/h2>\n<p>One glaring development has been the abrupt rise in Bitcoin outflows this week. According to the latest data by Cryptoquant, over 26,300 BTC was taken out of exchanges on Wednesday, with IntotheBlock reporting a 30,054 BTC outflow on Monday. The last time such a huge depletion happened was in September 2021, ushering in a bull market that saw a price surge by over 66%.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/lh4.googleusercontent.com\/lx0K8DPPEA0H8KAqRSb1IpK7wYWQO8yL9X2pR6rLaJO2ZcOkJIISl1P2C-BtJBhO5iD2woxSeA9NY8FhYQqJ_y1ooNSDHWJo3fLAToS4MWC6UpuwiO1pxmqUGuWcCjsflwiemH7O\" alt=\"C:\\Users\\Newton\\Downloads\\New folder\\FI-zDrsXMAEGN4p.png\"><\/p>\n<p>Exchange outflows are considered bullish for the market as they are seen as reducing the risk of selling Bitcoin, leading to a price plunge. Outflows also captivate more buying which is essential in adding steam to any crypto price rise.<\/p>\n<h2><strong>An Undecided Fed<\/strong><\/h2>\n<p>With the Fed increasingly losing savor from its citizenry owing to its indecisiveness despite ballooning inflation, experts now believe Bitcoin could take a front seat given its anti-inflation narrative.<\/p>\n<p>According to Bloomberg&#8217;s Mike McGlone, whereas a possible interest rate hike could briefly impact Bitcoin\u2019s price ascent, the cryptocurrency is most likely going to come out strongly.<\/p>\n<p><em>\u201cThe Fed Put May Have Expired vs. Bitcoin&#8217;s Supply, Set by Code &#8211; Bitcoin faces a challenge in 2022 vs. declining risk-assets, but the crypto has potential to endure, we believe,\u201d<\/em> he argues.<\/p>\n<p>Jurrien Timmer, Director of Global Macro Fidelity says that he is not shocked that crypto has corrected. He attributes this to Fed\u2019s hawkish stance on inflation which has led to liquidity-driven momentum plays staying under pressure.<\/p>\n<h2><strong>Bitcoin\u2019s Key inflection Point&nbsp;<\/strong><\/h2>\n<p>Basing his argument on his S-Curve model, Timmer is convinced that Bitcoin has already dipped at $40,000. According to his model, Bitcoin\u2019s dormancy indicator shows that the asset is already oversold at $40,000 just like it was at $30,000.<\/p>\n<p><em>\u201cAll in all, these charts tell me that Bitcoin should have both technical and fundamental support at $40k. It doesn\u2019t mean it can\u2019t go lower, but it looks like $40k is the new $30k.\u201d<\/em><\/p>\n<p>His argument is further collaborated by Flori Marquez, Blockfi\u2019s co-founder. During a recent interview with CNBC, she said, <em>&#8220;The two-year return as of today, Bitcoin is actually up 416%, so this $40K level is actually very exciting for most crypto investors.&#8221;<\/em><\/p>\n<p>At press time, Bitcoin has already bounced off the $40,000 level and is exchanging hands at $43,000 with exchanges displaying a significant imbalance between the prices of demand and supply as buyers continue to pile up.<\/p>\n<p>Source: <a href=\"https:\/\/zycrypto.com\/massive-bitcoin-outflows-rock-crypto-exchanges-as-charts-signal-ultimate-bullish-winter\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin continues to exude strength despite the<\/p>\n","protected":false},"author":3,"featured_media":149649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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