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On-chain data suggests that Bitcoin’s outflow from Binance, the world’s largest cryptocurrency exchange, is pointing to a consolidation trend and the possibility of a short-term price increase.
According to an analysis by CryptoQuant analyst, the 14-day simple moving average of Bitcoin inflows and outflows on Binance reached -483 BTC on January 6, 2025. The daily net outflow was also recorded at -5,407 BTC, indicating that investors are withdrawing their assets from the exchange and holding for the long term.
This trend, which is usually a sign of easing selling pressure, could lead to a short-term increase in Bitcoin’s price. Currently, Bitcoin has declined to the $95,000 area after reaching $102,000. 16 replies
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