Bitcoin Price Analysis: BTC Sees More Whale Outflow as Uptrend Enter day 2

Bitcoin price movement has been riddled with a lot of uncertainties. When many expect prices to improve, it goes downhill. This has been the situation throughout the past 30 days. However, market conditions seem to be improving as of the time of writing.

One such improvement is the increase in buying pressure. We observe this when we take a closer look at the charts. On the daily chart, we observed that the Relative Strength Index was at 37 at the start of the week.

However, it is at 45 at press time which shows that the asset is seeing more buys. Another indication of this phenomenon is the whales outflow.

Whale Outflow Hits its Highest in Seven Days

From the chart below we noticed that there is a bubble indicating the large wallet outflow is at one of its largest. This means that more large market players are buying BTC from exchanges and storing them in cold wallets.

Source: Whalemap

When the figures for both the inflow and outflow are placed side by side, the outgoing value exceeds the incoming by a notable margin. This also explains the uptrend that the apex coin is enjoying at this time.

As a result of this consistent price increase, bitcoin has tested the $21,000 resistance. During this attempt, the mark flipped and BTC hit a high of $21,847. This is the first time in almost 14 days that the largest cryptocurrency by market is recording this feat.

Bitcoin is not the only coin that is currently enjoying notable price increases. Binance coin is also seeing significant uptrends. As a result, it just recorded another seven-day high a few minutes to the time of writing.

From the start of the present intraweek session to the current intraday session, BNB is up by more than 10% and has hit a high of $241. Both assets are still showing potential and may likely continue to surge.

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  • bitcoinBitcoin (BTC) $ 22,896.00 2.31%
  • ethereumEthereum (ETH) $ 1,619.13 3.43%
  • bnbBNB (BNB) $ 326.44 1.16%
  • xrpXRP (XRP) $ 0.398873 4.34%
  • solanaSolana (SOL) $ 23.35 5.38%
  • terra-luna-2Terra (LUNA) $ 2.05 6.58%