Bitcoin is seeing a surge in withdrawals from exchanges as the digital asset market remains stable, as per insights from a renowned crypto analyst.
Trader Ali Martinez shared with his 63,700 followers on the social media platform X that over a recent seven-day period, approximately 22,647 BTC, valued at more than $1.57 billion, were moved off crypto exchanges.
Martinez also highlighted a positive development in the number of daily Bitcoin addresses, which recently broke a downward trend that began on March 5th. He stated, “In just 24 hours, 765,480 BTC addresses were active. This increase in network activity signifies a bullish trend for BTC.”
According to Martinez, Bitcoin is currently well-supported in a strong price range between $69,380 and $67,350, with 1.97 million addresses purchasing 964,000 BTC within that range. He emphasized the importance of holding this level for Bitcoin to maintain its upward momentum.
The analyst also delved into Bitcoin’s cumulative value-days destroyed (CVDD) metric, which takes into account the value of each Bitcoin transaction along with the number of days since the coins were last moved. The CVDD measures the cumulative total of the coin days destroyed metric relative to the market age, helping to identify potential market peaks and troughs.
Martinez suggested that based on the CVDD, the next potential local top for Bitcoin could be around $89,200.
As of the time of writing, BTC is trading at $68,058.
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