- Bitcoin is at the verge of a huge breakout
- Retail investors have been accumulating Bitcoin (BTC) during the recent downtrends
- Investors are moving their accumulated coins to cold storage
Bitcoin News Today – Over the past few days, Bitcoin has been experiencing prolonged sideways trading. However, that may soon come to an end according to some analysts. Analysts are pointing out that several technical factors are indicating the chances of an explosive movement is imminent.
New data also shows that there has been a considerably large exodus of BTC from trading platforms. This may be a sign that investors are increasing BTC holdings all through the downtrend of the digital currency and they have started moving their holdings to cold storage.
Bitcoin Is on the Verge of a Massive Breakout
At the time of writing, the world’s largest digital currency by market cap is up by less than one percent. Bitcoin is currently trading around the $6,720 mark, which is practically where it has been over the past few days. This consolidation comes near the heels of the recent uptrend of Bitcoin, which pushed the price of the digital currency from the low within the $3k region to the highs of $6,900.
The hurdle at this level has so far proven to be insurmountable. A popular digital currency analyst on Twitter – Big Cheds – pointed out in a recent tweet that the Bollinger Bands of Bitcoin (BTC) are beginning to pinch – a sign that there is an imminent major uptrend.
Bitcoin (BTC) Price Today – BTC / USD
Big Cheds believes that the next major upward movement will push the price of the digital currency to its bearish confluence around the $7,600 mark, which might be where it loses its traction and remain stagnant. Bitcoin seems to be facing several hurdle points on the upside, and it could really use some bullish momentum at the moment.
Investors Are Accumulating More Bitcoins
In a recent tweet, a prominent on-chain analytics company – Glassnode – pointed out that digital currency trading platforms have seen a huge outflow of BTC during this heavy downtrend. This has led these trading platforms to see their lowest BTC balance in about eight months.
“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. The outflow has been increasing daily since March 18. According to our labels, BTC exchange balances are the lowest they’ve been in ~8 months,”
This is a sign that retail investors that have been accumulating the digital currency during the recent downtrend are now moving their coins to cold storage. This is a bullish sign that suggests that the next massive upsurge, which might happen anytime from now, will favor buyers.