Bitcoin retains $41K as BTC exchange withdrawals match record levels

Bitcoin (BTC), which saw fresh gains after the rebound following Wednesday’s Wall Street Open, held onto its gains on April 14.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

$40,500 is the current level to hold

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was trading at $41,000 on Thursday. It had reclaimed $40,000 during the move higher.

Crypto Ed, a popular trader, commented over night alongside a chart showing near-term price targets.

“Coming hours a little more up, followed immediately by a correction. We’ll take a test of 40.5k, and if that holds, we will go for 42-43k white. We’ll take 40.5k off your total and go green box.

BTC/USD chart. Source: Crypto Ed/Twitter

At the time of writing, $40,500 was not showing any signs of falling. Volatility ebbing into Thursday, and Bitcoin seeing no major threat, were some of the reasons.

Zooming out, others used the opportunity to argue the contrary. Bitcoin was not bearish despite the lackluster bullish sentiment.

#Bitcoin has been in an uptrend on the daily time frame for nearly 3 months:
Matthew Hyland (@MatthewHyland_ April 13, 2022

TechDev, a fellow analyst, demonstrated that Bitcoin was more like traditional market behavior year-to-year, even though it had dropped over 50% from its November all-time highs.

This month’s focus was on a similar chart pattern between Bitcoin and the Dow Jones at the beginning of the 1990s.

“Times change. Assets are constantly changing. TechDev summarized: “Macro aggregate human behavior often doesn’t,”

However, Bitcoin’s stock correlation is a concern for many. A drawdown is expected to have a significant impact on price.

Exchange withdrawals heat up

William Clemente is a lead insights analyst at Blockware. There are other reasons for William Clemente to believe in the company.

Similar: Price analysis 4/13 – BTC, ETH and BNB, SOL. ADA, LUNA. AVAX. DOT.

He noted Wednesday that cryptocurrency exchanges were losing BTC at a rate never seen before. This suggests that any increase in demand would compete against a rapidly decreasing supply, driving up price performance even further.

He wrote, alongside data from Glassnode on-chain analytics firm Glassnode, “Only 3 other occasions have I ever seen Bitcoin being withdrawn from exchanges as this rate.”

Glassnode’s net situation change indicator tracks both downwards and upwards changes in balances across 18 exchanges.

Annotated chart of the Exchange net position changes. Source: William Clemente/Twitter

Exchange withdrawal spikes are a controversial phenomenon. The excitement among pundits this year has increased in line with the accelerating demand.

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