During the European session, BTC trade was choppy in a narrow range of $19,400 to $19,950, so Bitcoin price prediction is neutral until this range is breached.
On October 18th, Bitcoin outflow from exchanges increased, indicating that sell pressure is easing and helping the BTC price avoid a more profound decline below $18,000.
$740M in BTC Outflow
According to data compiled by CryptoQuant, more than 37,000 BTC was withdrawn from cryptocurrency exchanges on October 18th. This is the largest daily Bitcoin outflow since June 17, when traders withdrew roughly 68K BTC from exchanges.
Furthermore, approximately 121K BTC, equal to around $2.4 billion at current rates, has been removed from exchanges over the past 30 days.
An increase in the number of Bitcoins entering exchanges is often seen as negative because it increases the supply of Bitcoin that are now available for sale.
Bitcoin Exchange Outflow – Source: Cryptoquant
When Bitcoin outflows from exchanges reached almost 68K BTC on June 17, the cryptocurrency hit a local low of about $18,000. In the weeks that followed, the price of Bitcoin surged toward $24,500.
Whale Alert Reports Record $1 Billion Transfer in BTC
According to Whale Alert, a popular cryptocurrency tracking service that keeps tabs on large cryptocurrency transactions, four separate transactions recently moved a total of 47,846 Bitcoin.
Meanwhile, despite the price of Bitcoin remaining low, the Bitcoin hashrate has set another all-time high, as reported by Santiment in a recent article.
What Causes Whales to Move Bitcoin?
While Bitcoin’s price remains supported above $19,500, a new analysis from the Santiment data aggregator indicates that Bitcoin’s long-term indicators have been showing signals of a reversal in BTC price.
Several indicators are now pointing at buy signals which could explain the whale wallet movements we have seen over the past couple of days.
Bitcoin Price Prediction – Can BTC Reach $100,000 by 2023?
Bitcoin, the leading cryptocurrency, has stabilized near the $19,500 level, with a 24-hour trading volume of $27 billion. The value of Bitcoin has risen by 0.55% in the past day.
Bitcoin bottomed out around $19,440, and since then, it has climbed back up to a price of around $19,600. The 50-day moving average for the BTC/USD pair has also been broken, indicating a bullish trend.
On a bearish breakout below $19,440, the triple bottom support, Bitcoin (BTC) could drop to $19,200. An additional drop could lead the BTC price toward the $18,900 level.
On the other side, there is resistance located near $19,650. If the price can get above $19,650, traders will likely consider buying until $19,950.
This Eco-Friendly Presale is Gaining Traction
For those traders that prefer quicker gains, there are a number of smaller altcoins that have been beating the market in recent weeks, with presale tokens proving particularly lucrative. One promising new coin in this area is Impact Project (IMPT), a decentralized carbon credits marketplace that began its sale just over a week ago.
Based on the Ethereum blockchain, it provides users with the ability to trade NFT-based carbon offsets, while it will also enable consumers to shop online with retailers that support green initiatives. At a time when ESG investing is becoming a big thing, it has the fundamentals to perform well.
The presale is currently in its first stage, with the IMPT tokens selling at $0.018. Notably, the price will increase to $0.023 in the next stage and $0.028 after that.
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