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The withdrawal of 210,000 Bitcoin from exchanges was interpreted as a sign that the Bitcoin price could rise by reducing selling pressure in the cryptocurrency market. The activity, along with technical indicators, suggests that Bitcoin could reach new highs in the last quarter of 2024. This situation has become a positive topic for Bitcoin investors. Let’s see what the metrics say for BTC.
Significant Movement in Bitcoin! Are New Highs Coming?
After testing the $64,000 level, Bitcoin experienced a pullback to $63,700. However, the potential for a rebound looks high after this short-term correction. Especially, the withdrawal of 210,000 Bitcoin from exchanges supports upward price movement by reducing selling pressure.
Hodlers are withdrawing their Bitcoin from exchanges for long-term storage, reducing the supply in the market. This move could particularly pave the way for a further rise in Bitcoin’s price in the last quarter of 2024. Historically, the descending wedge formation seen in Bitcoin’s price has been a precursor to a strong rally.
What Formation is Bitcoin in?
Currently, BTC is in an expanding descending wedge formation. A breakout above the $70,000 level could push Bitcoin to $100,000. This scenario could become more likely if the U.S. Federal Reserve lowers interest rates in September.
MVRV (Market Value to Realized Value) bands indicate that breaking the resistance point at $67,300 could push Bitcoin’s price to $80,500. The long-term holding of 210,000 Bitcoin makes it increasingly possible to surpass this resistance level.
No CME Gap is an Advantage
Additionally, Bitcoin’s performance around the weekend CME closing price contributes to market stability. The absence of a gap in the CME has maintained the upward momentum in the market, and this trend could trigger new purchases, leading to further price increases.
The increase in Bitcoin’s open interest is also noteworthy. Despite the recent price drop, the rise in open interest historically indicates that prices quickly recover and reach new highs. The increase in open interest could allow Bitcoin to gain upward momentum and perform strongly throughout 2024.
Bitcoin is in a very favorable position to perform strongly for the rest of 2024. Many factors support the possibility of Bitcoin’s price rising further in the coming months.
