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Bitcoin Holds at $41,000 as Exchange Withdrawals Hit Record
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Bitcoin (BTC) continued to rise on April 14, with a rebound after Wall Street opened on Wednesday, turning market sentiment around.
BTC/USD 1-hour candlestick chart (Bitstamp) Source: TradingView
Now standing at $40,500
BTC/USD was still trading above $41,000 on Thursday, breaking the $40,000 mark again on the way up, according to data from Cointelegraph Markets Pro and TradingView.
“So far so good, I expect a move up to $41,000, but I doubt further down into the green box,” commented popular trader Crypto Ed alongside a chart of near-term price targets.
"A little bit higher in the next few hours, then a correction. Retest 40.5k, when it holds, we'll pick 42-43k (white). Break 40.5k, we'll pick the green box."
Bitcoin/USD Chart Source: Crypto Ed/Twitter With $40,500 showing no signs of falling at the time of writing, with volatility easing on Thursday, Bitcoin’s rally is not under any major threat.
Others took the opportunity to argue that despite the lack of bullish sentiment, Bitcoin is far from a bear market this year.
The lower the time preference, the less reason to panic - Analyst TechDev proves that Bitcoin's resemblance to traditional market behavior is more than fleeting, even after falling more than 50% from November's all-time high .
This month, the spotlight is on the similarity between the current Bitcoin movement and the Dow Jones’s movement in the early 1990s.
“Times change. Assets change. Macroscopic human behavior often doesn’t,” TechDev concluded.
Still, Bitcoin’s correlation with stocks has raised concerns among some that its decline could have a significant price impact.
Exchange withdrawals heat up
Meanwhile, for Blockware chief insights analyst William Clemente, there are other reasons for his confidence.
He noted on Wednesday that cryptocurrency exchanges are losing bitcoin reserves at an unprecedented rate, meaning any increase in demand will compete with rapidly diminishing supply, further boosting price performance.
“We’ve only seen Bitcoin withdraw from exchanges at this pace on three other occasions,” he wrote alongside data from on-chain analytics firm Glassnode.
Glassnode’s Net Position Change indicator tracks the up and down changes in balances across 18 exchanges.
Annotated chart of exchange net position changes Source: William Clemente/ Twitter
Spikes in exchange withdrawals are a much-debated phenomenon, and experts’ excitement has increased this year as demand has accelerated.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
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