Bitcoin Exchange Net Outflows Hit Five-Week High; $80,000 Support in Focus
Summary
- According to Santiment, Bitcoin exchange net outflows reached 14,900 BTC, marking the largest daily net outflow in the past five weeks.
- Santiment identified $80,000 as a key support level for Bitcoin and said it could rebound to $82,500 to $84,000 if exchange balances continue to decline.
- Santiment added that the bullish outlook could weaken if Bitcoin falls below $79,000, and said investors should watch whether it recovers $82,500 after the Federal Reserve’s interest-rate decision and the release of major economic indicators including gross domestic product (GDP) and the Personal Consumption Expenditures (PCE) price index.
Forecast Trend Report by Period
Bitcoin recorded its largest daily net outflow from exchanges in five weeks, drawing attention to whether the cryptocurrency can hold support at $80,000 ahead of major U.S. macroeconomic data releases.
Blockchain analytics platform Santiment said on October 27 that Bitcoin's net exchange outflows recently totaled 14,900 BTC, the largest daily net outflow in the past five weeks.
“When more Bitcoin is leaving exchanges than entering them, it suggests there is relatively less positioning for immediate selling,” Santiment said.
The platform identified $80,000 as a key support level for Bitcoin. If the cryptocurrency holds that level and exchange balances continue to decline, it could rebound to $82,500 to $84,000.
Santiment added that the bullish outlook could weaken if Bitcoin falls below $79,000. It also said investors should watch whether Bitcoin reclaims $82,500 after the Federal Reserve’s interest-rate decision and the release of major economic indicators including gross domestic product and the Personal Consumption Expenditures price index.
