This Data Confused Bitcoin! Has a Bullish Signal Arrived? CryptoQuant Analyst Evaluated!

Leading cryptocurrency Bitcoinlast week German government: Mt.Gox and whales fell below $54,000 due to the selling pressure. It recovered above $58,000 over the weekend. BTC It fell to $54,000 again in the morning hours.

BTC has recovered in recent hours and has climbed above $58,000, sitting at $57,860 at the time of writing.

While Bitcoin exhibits sudden dump-pump movements, A bullish comment came from the CryptoQuant analyst.

While there were large sales in Bitcoin, the analyst said that there were also purchases. Accordingly, Stating that the biggest Bitcoin withdrawal of 2024 took place, the analyst announced that 46,000 BTC were withdrawn from exchanges on July 5.

Citing the fact that the increase in Bitcoin outflows is often interpreted as a bullish signal by investors, the CryptoQuant analyst said that large investors such as whales are moving their Bitcoins to their wallets, which is potentially an indication of bullish expectations and holding in the long term rather than selling.

Finally According to analyst historical data, He noted that these breakouts could be a bottom or a reversal signal.

“This chart shows Bitcoin exchange net flows on spot exchanges, with a significant emphasis on the outflow of over 46,000 BTC on July 5.

The increase in these outflows, clearly marked on the chart, indicates that Bitcoin has moved significantly from the stock exchanges, which can often be interpreted as a bullish signal by investors.

Potential Reversal Zone: Large pullbacks may indicate that investors are expecting a price increase and are choosing to hold their assets rather than sell them.

Historically, significant breakouts can signal a bottom or reversal zone, as investors may enter a long-term hold position in anticipation of a price recovery or bullish trend.”

*This is not investment advice.