Bitcoin’s rise to $28,000 faces low activity hurdle

#比特币 #BTC attracted the attention of on-chain data provider Santiment. Bitcoin’s exchange outflows surged significantly over the past weekend, marking one of the most significant outflow days in more than a month. Santiment reports that Bitcoin has seen its largest currency movement since September 7, with more than 10,000 BTC leaving exchanges. This development is seen as a bullish indicator for the cryptocurrency.

As the chart shows, the amount of #BTC available on exchanges has dropped to an all-time low of 5.68%, the lowest level since 2017. This is a positive trend that shows BTC is increasingly moving from exchanges to private wallets. This shift means less selling pressure in the market, which in turn is good for Kingcoin.

Currently, BTC price stands at $27,901.82, registering a slight daily loss of 0.23% after another failed attempt to stay above the $28,000 mark. Therefore, a potential reduction in selling pressure could play a crucial role at this time. However, the situation is not without challenges.