Bitcoin keeps $41K as BTC exchange withdrawals match record levels

Bitcoin (BTC) hung on to fresh gains on April 14 after a rebound in line with Wednesday’s Wall Street open turned the state of mind.

BTC/USD 1-hour candle light chart (Bitstamp). Source: TradingView

$40,500 now the level to hold

Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD still trading above $41,000 Thursday, having actually recovered the $40,000 mark throughout the relocation higher.

“So far so good, I expected a move to 41k but I doubt about going for an extra leg down to the green box (blue),” popular trader Crypto Ed commented over night along with a chart with near-term cost targets.

“Coming hours a bit more up, followed by a correction. Retest of 40.5k and when that holds, we’ll go for 42-43k (white). Lose 40.5k and we’ll go for green box.”

BTC/USD chart. Source: Crypto Ed/ Twitter

$40,500 revealed no indications of falling at the time of composing, with volatility lessening into Thursday and Bitcoin seeing no significant hazard to its bounce.

Zooming out, others seized the day to argue that regardless of the absence of bullish belief, Bitcoin itself was far from bearish this year.

The lower the time choice, the less cause for panic — year to year, fellow expert TechDev showed, Bitcoin had more than a passing similarity to standard market habits, even after dropping over 50% from November’s all-time highs.

In focus this month was a comparable chart pattern in between Bitcoin now and the Dow Jones from the start of the 1990s.

“Times change. Assets change. Macro aggregate human behavior usually doesn’t,” TechDev summarized

Bitcoin’s stocks connection is however a cause for issue for some, with a drawdown tipped to impact price significantly.

Exchange withdrawals warm up

For Blockware lead insights expert William Clemente, on the other hand, there were other factors to keep the faith.

Related: Price analysis 4/13: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE

Cryptocurrency exchanges were losing BTC reserves at a rate seldom seen prior to, he kept in mind Wednesday, indicating that any increase in need would take on a rapidly-dwindling supply, improving cost efficiency even more.

“On only 3 other occasions have we ever seen Bitcoin withdrawn from exchanges at this rate,” he wrote along with information from on-chain analytics company Glassnode.

Glassnode’s net position modification sign tracks both upwards and downwards modifications in balances on 18 exchanges.

Exchange net position modification annotated chart. Source: William Clemente/ Twitter

Exchange withdrawal spikes are a much discussed phenomenon, and excitement amongst experts has actually increased this year in line with speeding up need.

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