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Bitcoin Price Ready for Another Leg up According to On-Chain Metrics: Analyst

Bitcoin investors have withdrawn considerable quantities of their holdings from crypto exchanges, suggests on-chain data provided by CryptoQuant. The firm believes there’s a potential price uptick in the making as sell pressure has declined.
BTC Investors Withdraw Their Tokens
As with every tradeable asset, bitcoin’s price is formulated based on supply and demand. In bitcoin’s world, the amount of available supply on exchanges could impact the asset’s value as investors holding the coins can quickly dispose of theirs.
Vice-versa, when there’re fewer coins on exchanges, there’s less selling pressure. This is what CryptoQuant’s CEO highlighted earlier today.
Ki Young Ju outlined a “significant” amount of bitcoins that flew out of crypto exchanges in the last several days. Consequently, he predicted that the primary cryptocurrency is “ready to get another leg up.”
This came as bitcoin indeed jumped from a low of $56,400 to a three-day high of over $58,400.
BTC Price

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