The long sideways trend that Bitcoin has seen in recent days could soon come to an end as analysts are now finding that several technical factors indicate the possibility of an explosive move.This is also associated with a massive exodus of bitcoin from the exchanges, according to new data, which could be a sign that investors have accumulated BTC during the recent downward trend in cryptocurrency.
Analysts are expecting fireworks
At the time of writing, Bitcoin is trading at $ 6,700, which is roughly the price of recent days. This consolidation comes close to BTC’s recent upward trend, which led to a recovery from lows in the $ 3,000 range to a high of $ 6,900. But the resistance in this region has so far proved to be insurmountable. Big Cheds, a popular crypto analyst on Twitter, recently said in a tweet:
As mentioned by Cheds in a separate tweet, he believes the next big move will cause Bitcoin to rise to around $ 7,600.Data shows that investors are pulling BTC off the stock marketsGlassnode – a well-known on-chain analytics company – said in a recent tweet that crypto exchanges have seen a massive outflow of Bitcoin lately, which has resulted in these exchanges having the lowest BTC balance in about eight months .