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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) has seen a 5% dip over the past week, trading above $96,000 as of today. Despite the price decline, recent on-chain data suggests a bullish sentiment is brewing among market participants.
According to CryptoQuant, more than $2.5 billion worth of Bitcoin has been withdrawn from cryptocurrency exchanges in the past seven days, signaling a decrease in selling pressure.
Exchange net outflows represent the amount of Bitcoin moved from exchange wallets to private holdings. Large outflows are often seen as a bullish indicator, as investors typically transfer assets off exchanges when they plan to hold rather than trade or sell.
This trend aligns with current market behavior, with fewer BTC available for sale, potentially driving upward price momentum.
Bitcoin Technical Outlook: Resistance Levels in Focus
Bitcoin is currently facing immediate resistance at $97,250, with stronger barriers at $99,500 and $102,650. On the downside, $94,300 serves as a critical support level, with additional zones at $92,140 and $90,345.
Technical indicators highlight mixed sentiment. The RSI hovers near 46, leaning neutral but edging toward oversold conditions.
The 50-day EMA, positioned at $96,385, adds dynamic resistance. A decisive breakout above $97,250 could pave the way toward reclaiming the psychological $100,000 level. Conversely, failure to clear resistance might trigger further declines to $92,000.
In the perpetual futures market, Bitcoin’s funding rate is currently positive at 0.0081. Positive funding rates indicate that traders holding long positions are paying those holding short positions, reinforcing a bullish outlook.
Analysts note that if the upward trend in funding rates and exchange outflows continues, it could reduce market volatility and support higher prices.
Key Takeaways
- Exchange Outflows: Over $2.5 billion in BTC has left exchanges, signaling reduced selling pressure and bullish sentiment.
- Resistance Levels: Bitcoin must breach $97,250 to target $100,000; failure risks further declines toward $92,000.
- Funding Rates: A positive funding rate of 0.0081 reflects a market leaning toward upward momentum.
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