According to the on-chain analysis firm In the blockA staggering $750 million worth of Bitcoin (BTC) was withdrawn from various crypto exchanges on March 14, as Bitcoin rose to a new all-time high of nearly $73,798.
According to the on-chain analysis firm In the blockA staggering $750 million worth of Bitcoin (BTC) was withdrawn from various crypto exchanges on March 14, as Bitcoin rose to a new all-time high of nearly $73,798.
IntoTheBlock reported that over $750 million in BTC was withdrawn from exchanges in the last 24 hours, which is the highest level since May 2023. Exchanges Bitfinex and Kraken account for the majority of these withdrawals, totaling $524 million and $130 million, respectively.
Bitcoin posted its all-time fourth cycle high this week, taking sentiment one step closer to euphoria. The classic transfer of wealth from the HODLer cohort to speculators is already underway, according to Glassnode, with significant increases in spot profit taking and demand for futures leverage.
The exodus of Bitcoin from exchanges can be seen as a positive sign of investor confidence in the long-term value of Bitcoin, as investors choose to secure their holdings independently.
Bitcoin price falls
Bitcoin fell below $70,000 after hitting a new high for the fifth time in seven days as investors retreated from risk assets in financial markets.
The largest cryptocurrency fell as much as 9% to $65,565, after previously reaching an all-time high of $73,797. Other tokens, such as Ethereum, Shiba Inu, and XRP, also plummeted.
U.S. stocks and cryptocurrencies plunged as another strong inflation report reinforced bets that the Federal Reserve may be in no rush to cut interest rates, even as some sectors of the economy show signs of slowing. Low interest rates tend to increase the appeal of cryptocurrencies.
While investors wait to see where Bitcoin is headed, crypto expert Ali believes it has created a stable support zone between $64,750 and $66,700, with 382,000 addresses containing more than 275,000 BTC.
Closely monitoring this level may be critical, Ali noted, as missing it could draw attention to the next significant demand zone between $60,760 and $62,790, which is protected by 797,500 addresses and more than 298,000 Bitcoin.
On the contrary, Bitcoin is facing stiff resistance between $70,180 and $71,340. This barrier is reinforced by 533,300 addresses, which together own 433,000 Bitcoin.
