Bitcoin (BTC) maintained its optimistic attitude on December 1st, breaking the $38,000 barrier in a swift upward surge for the first time since April 2022.
There are a number of indicators pointing to the latest Bitcoin rally breaking the $40,000 barrier soon, including the outflow of more than $1.4 billion in the last two weeks.
Since November 17, over 37,000 BTC, or around $1.4 billion, have been removed off cryptocurrency exchanges, according to Glassnode data. The action suggests a long-term holding strategy because it shows that investors are handling the care of their Bitcoin on their own.
According to Glassnode data, since the year’s beginning, the amount of Bitcoin kept on cryptocurrency exchanges has drastically decreased.
The withdrawal of assets from cryptocurrency exchanges might raise the price of the asset by reducing market selling pressure.
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