Bitcoin Might Swing To $70,000 As Exchange Withdrawals Catalyzes

Bitcoin Might Swing To $70,000 As Exchange Withdrawals Catalyzes

  • Bitcoin (BTC) makes bullish moves towards $70,000.
  • It has captured its support level at $60,000 and now swings to resistance level.
  • BTC would surge in price as exchange withdrawals catalyze.

Bitcoin is impressively making bullish moves for the past few days while crossing its support level at $60,000. The crypto industry mainly focuses on the growth of Bitcoin as it is referred to as the king of cryptocurrencies. As a matter of fact, the technical performance of Bitcoin seems impeccable which indicates its bullish rally to ultra-bullish.

BTC has jumped to a new all-time high which has resulted in a massive process in action in the crypto market. Analysts predict that Bitcoin has the potential to reach $70,000 in the next term. If BTC takes another upswing towards $67,000 it would easily boost to hit the $70,000 level.

Exchange Withdrawals Hits Four-Month High

As per the leading providers of on-chain data and metrics, Glassnode, it records that the number of Bitcoin exchange withdrawals has reached high. Besides, it is based on a seven-day moving average that hits a four-month high of 1,902.893. It is worth noting that the previous four-month high of 1,902.893 records on October 21, 2021.

Significantly, a surge in exchange withdrawals would have supported a bullish trend. In terms of price, investors expect that Bitcoin would tap a higher high price value. BTC has captured its support level at $60,000 after a pullback from $67,000. If the trend continues it may swing to the next resistance level and will hit $70,000 in the next term.

At the time of writing, the trading price of Bitcoin (BTC) is $61,029 which is 2.57% down for the past 24-hours. Although the price value of BTC has pulled the investors into the trend of bouncing towards $70,000. According to the technical analysis, the outlook of BTC price depicts a bullish trend for short-term and long-term.

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