The post Bitcoin’s Price Rebound Triggers Record-Breaking Exchange Profit Exodus appeared first on Coinpedia Fintech News
After rebounding from last week’s lows over the weekend, Bitcoin price has experienced a significant resistance level at around $28k in the past two days. The bulls have found a new support level above the 200 WMA despite the effects of the weekly death cross. On the daily time frame, the bullish outlook will be validated if the bulls flip the 50 MA as a support level, which could secure a rally towards the next resistance level around $29.5k.
Bitcoin Balance on CEXs
The bullish outlook is well favored by the increased Bitcoin withdrawals from centralized exchanges. According to aggregate data provided by Coinglass, more than 36k Bitcoins have been withdrawn from the top centralized exchange Binance in the past 30 days. Similarly, Coinbase Pro and Bitfinex have recorded a decline in Bitcoin balance in the past 30 days of about 792 and 4133 BTCs respectively. In total, all exchanges have recorded a decline of about 54k units in Bitcoin balance over the past 30 days.
Coinglass Analysis on Exchange Inflows by Profit / Loss
According to the on-chain insight platform Glassnode, Bitcoin exchange inflows in profit have outperformed their counterparts in the loss. Specifically, Bitcoin exchange inflows in profit amounted to about 8,225 while those in the loss were approximately 7590 coins.
“When assessing the breakdown of Exchange Inflows by Profit / Loss, we note a brief return to profitable inflows following the recent move upwards in price action, with sustained positive inflows likely a constructive observation,” Glassnode noted.
