Crypto traders withdraw Bitcoin from exchanges


Bitcoin started to adjust after updating its all-time highs. Currently, its price has fallen to the Senkou Span B line at the four-hour timeframe. It can be recalled that this is the strongest line of the Ichimoku indicator. However, sellers failed to break through this line, which increases the probability of new growth in digital gold. At the same time, Bitcoin went below the upward trend line within the framework of the same correction, which already speaks in favor of a stronger correction than we have now. And since the price continues to be inside the Ichimoku cloud, then it actually all boils down to which border the price will exit through. If the lower border is surpassed, then, at least, the correction will continue, and the target will be the level of $ 56,500. If the quotes consolidate above the level of $ 64,700 once again, then the probability of a new BTC growth will grow even stronger.

It is worth noting that now is still a favorable time for BTC growth – three global factors speak in favor of this at once. The first is US high inflation. As already known, many investors consider the first cryptocurrency as a means of hedging inflation. Many investors and billionaires think so. Therefore, they provide the demand for bitcoin. The second is the QE economic stimulus program in the United States. It continues to function in the same volumes, which means that money continues to flow into the American economy, settling on the stock and cryptocurrency market. The third is the "HYIP", which has been formed by Bitcoin in the last couple of months. The cryptocurrency has grown from $40,746 to $67,000 in just three weeks. With such strong growth, many small traders also wanted to join the "bullish" trend in order to make money on it. In this case, Bitcoin has a good chance of continuing to grow, and there are no sell signals yet.

On another note, Bitcoins worth $ 2.3 billion were withdrawn from the Binance cryptocurrency exchange in just one day. This suggests that their owners are not going to sell coins in the near future, which, in turn, speaks of their expectations of further growth. In other words, the supply of bitcoin on exchanges is currently decreasing, which naturally increases its value. Therefore, at least, bitcoin can at least continue to grow until the end of this year with the target of $ 100,000 per coin, which has already been voiced by a huge number of experts.

It is only suggested to sell the cryptocurrency if there are clear and strong sell signals. After November 3, when the Fed meeting is held, the situation on the markets may change slightly, but only if the American regulator announces the decision to wind down QE. In this case, the flow of money into the economy will begin to decline, and inflation will fall in the long run. These two factors can force investors to take profits on purchases of cryptocurrency.


There is still an upward trend in the four-hour timeframe, as it has not yet able to consolidate below the Ichimoku cloud. So, to be able to open short positions, it is necessary to wait for the price to at least consolidate below the Ichimoku cloud. In turn, new purchases will be possible if the price consolidates above the cloud and preferably above the level of $ 64,700. But for now, purchases are less attractive than at the $ 30,000 or $ 40,000 levels.

The material has been provided by InstaForex Company -

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