Bitcoin ($BTC) is witnessing significant accumulation, with over 37,000 BTC withdrawn from centralized exchanges in just 24 hours. Analysis suggests this reflects increasing investor confidence.
Bitcoin Accumulation and Exchange Withdrawals
According to analyst Ali Martinez, more than 37,000 BTC were withdrawn from centralized exchanges within one day, indicating an increasing accumulation trend among investors. This large outflow reinforces the growing confidence in Bitcoin as it transitions from exchanges to personal wallets. Data from Glassnode shows that the amount of BTC on exchanges has decreased from March 21 to April 10 in line with the current recovery in BTC prices.
Long-term Trends and Support Levels
Data from Coinglass indicates that BTC outflows from exchanges are consistently higher than inflows, highlighting the narrative of long-term holders who continue to buy the dips. CryptoQuant noted that the price recovery occurred as Bitcoin tested the 365-MA level, currently at $76,100, which has previously contained declines. Technical analyst Cheds pointed out that Bitcoin has recently emerged from a bullish W pattern on the 4-hour chart, setting the support range at $78,500 to $81,000.
Bitcoin Price Outlook
Currently, Bitcoin is trading at $83,996 with a market capitalization of $1.66 trillion and trading volume of $26.92 billion. CryptoQuant's Bull Score Index, which measures market conditions based on ten indicators, is at 10 for the first time since November 2022. However, analysts state that the index must rise above 40 to be considered indicative of a strong bull market. Although short-term optimism has been bolstered by Trump's tariff relief, ongoing issues with network fundamentals and the stability of stablecoins remain relevant concerns.
The current market situation for Bitcoin indicates accumulation among institutional investors; however, for a sustained bull market, on-chain volumes and retail trader participation are essential.
