24,000 BTC Leave Exchanges as Price Falls Below $87,000: Bullish or Bearish?
Bitcoin saw net withdrawals of around 24,073 BTC from exchanges on October 5, the largest amount in seven months. The shrinking amount of BTC held on exchanges could support prices, but the market’s downward momentum continues to weigh on them.
Bitcoin was trading at $83,654.15 at the time of reporting, after falling from the $85,000 range. ETF flows and exchange supply are among the supporting factors, while high U.S. Treasury yields continue to put pressure on prices.
Bitcoin saw net withdrawals of around 24,073 BTC from exchanges on October 5, the largest amount in seven months. The shrinking amount of BTC held on exchanges could support prices, but the market’s downward momentum continues to weigh on them.
Bitcoin was trading at $83,654.15 at the time of reporting, after falling from the $85,000 range. ETF flows and exchange supply are among the supporting factors, while high U.S. Treasury yields continue to put pressure on prices.