A record 57,000 bitcoins left the exchange in one day, reducing bitcoin reserves to pre-crash levels

Bitcoin (Bitcoin) A resistance rollover of $40,000 is required in July because on-chain data shows a large number of withdrawals from exchanges.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Exchange balance decreased by 57,000 BTC

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD rose again on Thursday to challenge the upper limit of its trading range.

After the initial hit, the pair of currencies pulled back Multi-week high The price on Bitstamp earlier this week was $40,600.

Bitcoin bottomed out at $38,800 and recently recovered to the $40,000 mark. At the time of writing, this level has yet to be reversed to provide convincing support.

Among pay attention to In terms of the strength of this week’s rebound, Thursday’s data still shows the real demand for BTC when prices are higher.

By sharing byte and CryptoQuant, The data seems to show the largest single-day outflow of funds in at least a year. A total of 57,000 BTC left the exchange within 24 hours.

Bitcoin exchange net flow chart. Source: CryptoQuant

Therefore, the exchange balance returned to its last level in mid-May before the significant price adjustment after Bitcoin began to reverse from its all-time high of $64,500.

Bitcoin balance on the exchange chart. Source: Bybt

Seek solid support

However, despite this demand, market participants still believe that higher lows need to be established on BTC/USD before any higher levels may fall.

related: As Bitcoin reaches $40,000, short positions are dispersed, but professional traders remain cautious

“I think the market needs to fall to place HL before it continues to rise,” Pentoshi, a popular Twitter trader Summarize.

“In short. From 29.6k bullish to resistance, but for me today the signal needs to fall to a higher low.”

Cointelegraph, how low is the higher low may be between US$36,000 and US$32,500 Report.

Order book data The main exchange Binance also confirmed that the range of spot prices has shrunk, and both buyers and sellers cannibalized $40,000.

BTC/USD trading level (Binance) as of July 29. Source: Material Indicators/ Twitter