The Bitcoin exchange outflows have approached 100K BTC once again during the last month of March 2022. This happens as Bitcoin recovers from the downside pressure followed by strong buying interest. On-chain data provider Glassnode explains:
“Bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month. Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis”.
After a good run-up last week, Bitcoin (BTC) showed some strong consolidation over the weekend. Bitcoin has flipped its $45,500 resistance into strong support and has been hovering well above $46,000.
On the upside, any surge above the 200-day moving average (DMA) i.e. $48,300 will set Bitcoin for a bullish trend upwards. On the other hand, 19 million Bitcoins have been issued and only 2 million are left to be mined. Furthermore, the data from Glassnode shows that the Bitcoin user growth is on a sharp rise vs the supply issuance. This demand-supply gap favors a continued price surge to the north.
Bitcoin Conference 2022
The market is gearing up for the Bitcoin conference 200 scheduled ahead this week between April 6-8. The Bitcoin conference is one of the biggest events that highlight how the industry is gearing up for the future.
On the other hand, there’s a strong rumor going on in the town that Apple might integrate Bitcoin payments into Apple Pay. Well, this is just the market assumption as Apple has also scheduled a major announcement ahead this week.
Any official announcement in this regard will prove to be a huge boost for Bitcoin considering that Apple Pay has millions of users registered for the service.
Analysts believe that Bitcoin adoption is set to rise. If players like Apple or Google join the bandwagon it is going to accelerate the BTC adoption process.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/bitcoin-exchange-outflows-near-100k-btc-gear-up-for-bitcoin-conference-2022/