BTC Retains $41K As Exchange Withdrawals Hit Record Levels

BTC retains $41K as the exchange withdrawals hit record levels so we can see in our latest bitcoin news today.

BTC could be threatening lower levels but behind the scenes, the demand is increasing as the data suggests. BTC retains $41K and held on to its gains after a rebound in line with the Wednesday Wall Street opening flipped the mood and now $40,500 now is the level to hold. The data from Tradingview Showed that BTC/USD is trading above $41,000 and reclaimed the $40K price point during the move higher. Trader Crypto Ed commented:

“So far so good, I expected a move to 41k but I doubt about going for an extra leg down to the green box (blue). Coming hours a bit more up, followed by a correction.
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Retest of 40.5k and when that holds, we’ll go for 42-43k (white). Lose 40.5k and we’ll go for green box.”

$40,500 showed no real signs of falling at the time of writing with the volatility entering at the start of the week and BTC saw no major threat to the bounce. Others took the chance to argue that despite the lack of bullish sentiment, BTC was far from having a bearish sentiment this year. The lower the time preference, the less cause for panic, and the fellow analyst TechDev showed that BTC had more than a passing resemblance to the traditional marekt behavior despite dropping 50% from the November high.

In focus this month was a similar chart pattern between BTC and Dow Jones from the start of the 1990s:

“Times change. Assets change. Macro aggregate human behavior usually doesn’t.”

Bitcoin’s stocks correlation is also ac cause for concern with a drawdown tipping to impact the price dramatically. For Blockware lead insights analyst William Clement3e, there are other reasons to keep up the faith. Crypto exchanges were losing BTC reserves at a fast rate and implied that any rise in demand will compete with a dwindling supply and will boost the price performance even further:

“On only 3 other occasions have we ever seen Bitcoin withdrawn from exchanges at this rate.”

Glassnode’s net position change indicator tracked both upwards and downwards changes in the balances on 18 exchanges and these withdrawal spikes are a debated phenomenon with the excitement among traders increasing this year in lien with the surge in demand.