• Fri. Jul 19th, 2024

Bitcoin holds to $19K as exchange outflows heighten. Is it an outright buy?

  • Bitcoin has held close to the $19,000 support for the past two weeks

  • The cryptocurrency has witnessed increased exchange outflows

  • Bitcoin lacks a directional movement, but the current price is attractive

Despite a tough month, Bitcoin BTC/USD holds strongly to the $19,000 support. As of press time, Bitcoin was trading at $19,275, a zone bulls have defended for the last two weeks. The stability comes amid positive price expectations.

As of the first day of October, Bitcoin outflows from exchanges hit “the highest amount in months.” According to CryptoQuant, the outflows were more than 61,000 BTC in three days to the start of October. The crypto analytics firm noted that the outflows suggested a rising demand for Bitcoin.

Ideally, all else held constant; exchange flows indicate price expectations in crypto markets. Outflows suggest that investors are adding positions since they are convinced of price appreciation. The converse is true during a period of exchange inflows. 

Bitcoin shows little upside amid price stability


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If we turn to the technical side, there is a limited upside for Bitcoin. However, it is a tug of war between bulls and bears at the important $19,00 level.

Source – TradingView

The MACD indicator shows a very weak bullish momentum. Despite a bullish crossover, the MACD is still in the bearish zone. 

Will Bitcoin rise or fall?

At the moment, Bitcoin lacks a directional bias. However, the cryptocurrency remains stable, making $19,000 the level to watch. Remember that Bitcoin has always defended the level since June. The recovery from the June lows was quickly muted by the macro woes.

With increased exchange outflows, it could be the potential trigger for a bullish reversal. Also, based on prior price trends, Bitcoin remains attractive at the $19,000 level.

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