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Bitcoin: bullish signal from balance of flows on exchanges
Bitcoin: bullish signal from balance of flows on exchanges
Bitcoin

Bitcoin: bullish signal from balance of flows on exchanges

By Marco Cavicchioli - 15 Jun 2021

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Santiment has detected a bullish signal that could impact the price of bitcoin from exchange flow balances

Yesterday saw the price of BTC hit a new three-week high of $40,800

The price had not risen above $40,000 since 28 May, and the last time it had been above that figure for a while was between 20 and 21 May. 

Moreover, this upward momentum seems to have been helped by a flow of funds out of the exchanges. 

Santiment publishes a chart that clearly shows a sharp increase in these BTC outflows from exchanges in recent days, whereas in previous days they were virtually non-existent. 

In fact, there had been strong outflows as early as 7 June, and indeed the price was back above $35,000, but in the following days, there had been inflows, with a peak on 10 June, before the price started to fall after hitting $37,500. 

Notably, the recent spike in BTC outflows from exchanges occurred just yesterday as the price climbed back up towards $40,800. 

Bitcoin flow from exchanges is a bullish signal

In this regard they state: 

“When flow balance heads into the negative like it consistently did Monday, it’s a bullish sign”.

Indeed as of Sunday 13 something seems to have happened in the bitcoin markets. 

In fact, in the previous days, the price was sideways between $35,000 and $36,000 without showing any particular signs of volatility. 

However, on Saturday 12 it dropped well below $35,500 and then touched $34,950 the following day. 

The fact that it had tried to break through the $35,000 resistance, without succeeding, seems to have provoked a rebound, as the same day the price jumped to $39,000, clearly breaking through the $38,000 resistance which had held out all month. 

The price then continued to rise, and on Monday 14, the price climbed to $40,800, thanks in part to the outflow of BTC from exchanges. 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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