Bitcoin

Billion

Spot

<ul class="list-ic vertical">
 <li>1 <a>The daily BTC/USD chart indicates the formation of an interesting bullish pattern.</a></li>
 <li>2 <a>As per a tweet by Ali Martinez, approximately 22,647 BTC worth $1.57 Billion were withdrawn from the exchanges in the past week.&nbsp;</a></li>
</ul>
Bitcoin has continuously attempted to surpass the $71,000 Mark for the last two weeks. The $71,000 level has been acting as an immediate resistance, whereas the support has gradually shifted from $65,000 to $68,000. Thus, it formed an interesting bullish pattern over the daily chart.&nbsp;
Moreover, there has been a notable development in Bitcoin ETFs and exchange balances. As per the on-chain data, the BTC ETF net inflow has been positive for 19 consecutive days, indicating increased investor demand. Also, the whales have moved a large amount of BTC off the exchanges.&nbsp;
Let’s analyze whether the recent developments may trigger a breakout toward the All-Time high or the price may resume its consolidation for nearly $71,000 for the third consecutive week.&nbsp;
<h2 class="wp-block-heading" id="strong-whales-offloading-bitcoins-form-the-exhcanges-strong">Whales Offloading Bitcoins form the Exhcanges</h2>
The <a href="https://www.thecoinrepublic.com/2024/06/07/bitcoin-could-reach-75k-this-month-heres-a-june-month-outlook/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price </a>has been consolidating near the weekly highs and a psychological level of $71,000 for the last two weeks. When writing, the crypto exchanged hands for nearly $69,450, recording a swift intraday gain of 0.10%.&nbsp;
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 <blockquote class="twitter-tweet">
 Approximately 22,647 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, worth over $1.57 billion, were withdrawn from <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> exchanges in the past week! <a href="https://t.co/IXxFXfECYG" rel="noopener noreferrer nofollow">pic.twitter.com/IXxFXfECYG</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1799423380648767670?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 8, 2024</a>
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As per a tweet by Ali Martinez, a famous on-chain analyst,&nbsp; a notable outflow from exchanges was observed last week. Significant Bitcoin investors, often referred to as ‘whales,’ have transferred approximately 22,647 BTC, valued at $1.57 billion, away from various exchanges. It points to a preluding bull run ahead.&nbsp;
Whales usually transfer their Bitcoin to their wallets for long-term holding, suggesting confidence in the asset’s future appreciation. The substantial withdrawal of Bitcoin from exchanges could indicate an impending bull market.
<h3 class="wp-block-heading" id="strong-on-chain-data-reports-positive-inflow-in-bitcoin-etfs-strong">On-Chain Data Reports Positive Inflow In Bitcoin ETFs.</h3>
In a recent tweet, Spot On Chain mentioned that the net inflow in the Bitcoin ETFs has been positive for 19 consecutive sessions. However, six out of the 10 US Bitcoin ETFs have zero flows.&nbsp;
<center>
 <blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> Net Inflow June 7, 2024: +$131M! • The net inflow has been positive for 19 consecutive trading days. • 6 out of the 10 US Bitcoin ETFs had zero flows. • <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BlackRock</a> (IBIT) continued to have the largest inflow of the day at $168M. • <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> (GBTC) has… <a href="https://t.co/anHJ8RypI7" rel="noopener noreferrer nofollow">pic.twitter.com/anHJ8RypI7</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1799290132526444977?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 8, 2024</a>
 </blockquote>
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Moreover, Blackrock’s ETF IBIT continued to have the largest inflow of the day at $168 Million. At the same time, the Grayscale’s GBTC experienced outflows after 2 days.
<h3 class="wp-block-heading" id="strong-what-s-next-for-bitcoin-strong">What’s Next for Bitcoin?</h3>
The Net Inflow in the Bitcoin ETFs and offloading of Bitcoin from exchanges by the Whales points to a bullish bias among the large and retail investors.&nbsp;
Moreover, the price action analysis highlights the BTC consolidating near the higher and forming an ascending triangle pattern over the daily chart. The $71,000 has been acting as the recent hurdle for the buyers.&nbsp;
A sustained move beyond the $71,000 may validate the breakout, and the price may register new record highs. However, the consolidation may continue until the price is maintained below $71,000.
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion.</h3>
Bitcoin price has been consolidating near the $71,000 resistance level for the last two weeks. The support levels have shifted from $65,000 to $68,000, indicating a bullish pattern. On-chain analyst Ali Martinez reported significant outflows from exchanges, with ‘whales’ moving 22,647 BTC worth $1.57 billion.&nbsp;
Concurrently, Spot On Chain noted positive net inflows into Bitcoin ETFs for 19 consecutive sessions. Blackrock’s IBIT saw the largest inflow of $168 Million a day. These movements and an ascending triangle pattern on the chart suggest a bullish sentiment, potentially leading to new highs if Bitcoin breaks above $71,000.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Whales Moving Bitcoin Off Exchanges: A Prelude To A Bull Run?

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