Outflows Reach $1.57 Billion
Cryptocurrency analyst Ali Martinez has reported significant Bitcoin (BTC) outflows from exchanges, totaling over $1.57 billion in the past week. This suggests that investors are moving their BTC off exchanges, potentially signaling increased confidence in the digital asset.
Network Activity Surge
Martinez also observed a surge in daily Bitcoin addresses, breaking a downtrend that began in March. He interprets this as a positive sign for the continuation of the BTC bull run.
Support Zone
According to Martinez, Bitcoin is currently anchored in a strong support zone between $69,380 and $67,350. He believes that holding this level is crucial for BTC to maintain its upward momentum.
Potential Local Top
Using the cumulative value-days destroyed (CVDD) metric, Martinez predicts that the next potential local top for Bitcoin could be around $89,200. The CVDD measures the value of Bitcoin transactions and the time since coins were last moved, providing insights into market tops and bottoms.
Current Price
At the time of writing, BTC is trading at $68,058.
