Three reasons behind the rise in the price of Bitcoin (BTC in USD) by over 9% this week 🤔🏗️
(BTC in USD) just reached a new high above $118,000 after rising by more than 9% this week. But more importantly, are the underlying reasons behind this explosive performance. Here are the top 3 reasons 🕵🏼♀️
🤔 The recent surge may have resulted from a supply shock. Despite recent headlines suggesting that holders have made 100% profits, the level of selling pressure remains weak. 🐌🐌
Additionally, the bullish performance has been supported by strong outflows of Bitcoin from exchanges. CryptoQuant data revealed that exchange reserves have dropped 📈 to below 2.4 million coins.
📍 Bitcoin Exchange Reserve (BTC USD) | Source: CryptoQuant
The aggressive outflows from exchange reserves continued despite Bitcoin facing resistance at the $110,000 price level since the last week of May.
In other words, the ongoing exchange outflows revealed that it was only a matter of time before the breakout occurred, driven by buying pressure.
Whale activity 🐳 provides a bullish boost for Bitcoin (BTC in USD) $BTC #BTC120kVs125kToday #USCryptoWeek #StrategyBTCPurchase #ShariaEarn #BinanceHODLerLA $BTC $ETH
