The bitcoin (BTC) rate this week for the first time since mid-June broke above $ 40,000. However, there is not enough support to maintain positions, and the coin retreated to $ 39,800 again.
At the same time, technical indicators signal an imminent and radical change in trend. CryptoQuant and ByBt drew attention to the accumulative tactics of investors. According to them, this week the market experienced the largest outflow of bitcoins from stock exchanges in 2021.
In the middle of the week, in just 24 hours, a total of 57,000 bitcoins left cryptocurrency platforms. Usually, after a massive withdrawal of digital currency from trading floors, the market returns to the green zone, as the supply of an asset drops sharply.
The Stack Funds team is also optimistic. In its report, institutional investors are re-entering the crypto sphere.
Open interest in bitcoin futures is gradually increasing. A similar trend was observed in the fourth quarter of last year. Recall that in the winter of 2021, the historical ascent of BTC began, at its peak, the cryptocurrency was trading at around $ 64,500.
Bloomberg strategist Mike McGlone said at the end of last week that Bitcoin was ready for a breakthrough. Moreover, the probability of reaching the $ 60,000 mark is now much stronger than the risks of a rollback to $ 20,000.