{"id":640761,"date":"2023-04-23T20:13:19","date_gmt":"2023-04-24T01:13:19","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/23\/bitcoin-calms-near-monthly-support-level-will-bulls-revive-btc-price-next-week\/"},"modified":"2023-04-23T20:13:19","modified_gmt":"2023-04-24T01:13:19","slug":"bitcoin-calms-near-monthly-support-level-will-bulls-revive-btc-price-next-week","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/23\/bitcoin-calms-near-monthly-support-level-will-bulls-revive-btc-price-next-week\/","title":{"rendered":"Bitcoin Calms Near Monthly Support Level! Will Bulls Revive BTC Price Next Week?"},"content":{"rendered":"
\n
\n
\n
<\/figure>\n<\/div>\n
\n

The Bitcoin market has faced a tumultuous ride, with the digital currency struggling to find stable ground amidst swirling financial currents. Recent news of potential interest rate hikes caused a sharp selloff that sent Bitcoin plummeting below $30K, erasing its monthly gains. With BTC\u2019s price falling by over 8% in just a few days, sellers have been flexing their muscles. Despite these challenges, Bitcoin appears to have steadied itself at its monthly support level, offering a ray of hope to investors for a possible bullish reversal in the coming week<\/a>.<\/p>\n

Bitcoin Shows Bullish Sign Amid Turmoil<\/h2>\n

A recent analysis of on-chain data has revealed a notable spike in Bitcoin exchange outflows, potentially signalling a bullish trend for the cryptocurrency\u2019s price. A CryptoQuant analyst highlighted that a significant 2,138 BTC had been withdrawn from centralized exchanges in just the past day, sparking renewed interest among market watchers.<\/p>\n

<\/figure>\n

The \u201cexchange outflow\u201d metric tracks the total volume of Bitcoin being removed from wallets associated with centralized exchanges. A sharp increase in this indicator can be interpreted as a sign of bullish sentiment, as it suggests that investors are opting to hold their assets in anticipation of a price increase rather than trading them on exchanges.<\/p>\n

The recent surge in large withdrawals from cryptocurrency exchanges has occurred while Bitcoin\u2019s price hovers around the lower $28,000 range\u2014a relatively low level compared to its position above $30,000 just a few days prior. This phenomenon suggests that these transfers out of exchanges could indicate new buying activity in the market.<\/p>\n

A closer look at the chart also reveals that exchange inflows remain low during the same period, signifying a lack of deposits to counterbalance the withdrawals. This pattern implies that, for the time being, there may be no additional interest in selling at the current price levels.<\/p>\n

Is Rebound For BTC Price On The Horizon?<\/h2>\n

Bitcoin price has stopped dropping further as it found a stable support level at $27.5K. After forming a low near $27,140, Bitcoin has climbed above the 23.6% Fib level, hinting that investors are accumulating BTC in the dip.\u00a0<\/p>\n

<\/figure>\n

As of writing, BTC price trades at $27.6K, declining over 1.47% in the last 24 hours. If BTC price falls below $27K, it may experience a decline, first to $26,400, and then potentially to the neckline of the inverse head-and-shoulders (H&S) pattern at $25,500.\u00a0<\/p>\n

However, a rebound is likely expected from $27K, and bulls may send the BTC price above the EMA-20 trend line. If Bitcoin breaks above $27.8K, a bullish rally may continue toward $28.5K. A successful breakout above EMA-20 will again push the BTC price to its previous bullish range of $30K.\u00a0<\/p>\n<\/div>\n

\n

Was this writing helpful?<\/h4>\n

No<\/span> Yes<\/span><\/h5>\n<\/div>\n
\n

\"Photo <\/a><\/p>\n

\n

Shayan Chowdhury<\/a><\/h3>\n

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Shayan Chowdhury<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin market has faced a tumultuous ride, with the digital currency struggling to find stable ground amidst swirling financial currents. Recent news of potential interest rate hikes caused a sharp selloff that sent Bitcoin plummeting below $30K, erasing its monthly gains. With BTC\u2019s price falling by over 8% in just a few days, sellers<\/p>\n","protected":false},"author":1,"featured_media":640762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,121910],"tags":[],"class_list":["post-640761","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-calms"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/640761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=640761"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/640761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/640762"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=640761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=640761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=640761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}