Record 57K BTC Exits Trading In One Day, Dropping Bitcoin Reserves To Pre-Crash Levels

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Bitcoin (BTC) demanded a resistance reversal of $ 40,000 on Thursday, as on-chain data revealed large stock market withdrawals.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewExchange balances lost 57,000 BTC

Data from Cointelegraph Markets Pro and TradingView showed that the rise in BTC / USD was again challenging the upper end of its trading range on Thursday.

The pair had seen a pullback after initially hitting multi-week highs of $ 40,600 on Bitstamp earlier in the week.

With a low of $ 38,800, Bitcoin then returned for its last trip to $ 40,000, with that level yet to be reversed to be convincingly supported at the time of writing.

Amid concerns about the strength of this week’s recovery, Thursday’s data nonetheless indicated genuine demand for BTC at higher prices.

Shared by Bybt and CryptoQuant, the data appeared to show the biggest single-day outflow in at least a year. A total of 57,000 BTC left the exchanges in 24 hours.

Bitcoin exchange net flow graph. Source: CryptoQuant

With this, trade balances returned to levels last seen in mid-May, just before a major price correction after Bitcoin began reversing from all-time highs of $ 64,500.

Bitcoin balance on the exchange chart. Source: BybtA looking for a solid support

Despite this demand, however, market participants remained convinced of the need for a lower build on BTC / USD before higher levels plummeted.

Related: Bears Scatter As Bitcoin Hits $ 40,000, But Professional Traders Remain Cautious

I think the market needs to go down to put an HL before continuing, summed up popular Twitter trader Pentoshi.

To put it simply. Was 29.6k bullish at resistance, but today for me signals need to drop for a higher low.

The exact level of that low could be anywhere between $ 36,000 and $ 32,500, Cointelegraph reported.

The main exchange Binance’s order book data, meanwhile, confirmed a narrowing of the spot price range, with buyers and sellers encroaching on $ 40,000 on both sides.

BTC / USD (Binance) buy and sell levels as of July 29. Source: Material Indicators / Twitter

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