Bitcoin stabilizes after easing pressure

by in Cryptocurrency News

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On the night of Tuesday, October 4, bitcoin (BTC) rose to $19,537. During the day, the capitalization of the largest digital currency increased by 1.5% to $374.687 billion.

BTC has been trading above $19,000 for the past few days. The stabilization of the rate was a direct result of the easing of pressure from the sellers, who are afraid of further correction.

According to Santiment, investors have begun withdrawing cryptocurrencies from exchanges. Accordingly, the supply of an asset for sale has sharply decreased on trading floors.

On September 30, 34,723 BTC left the exchanges, the strongest outflow since mid-June 2022.

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CryptoQuant analysts came to similar conclusions. They found that pressure relief was observed for several days in a row.

In the last 72 hours alone, traders have withdrawn about 61,000 bitcoins from exchange addresses. As a result, the coin not only held above $19,000 but was able to rebound to $19,500.

From September 29 to October 3, the Bitcoin exchange balance decreased from 2.14 million to 2.08 million coins. If the cryptocurrency outflow continues in the coming days, then BTC will have a real chance of breaking above $20,000.