With what recently happened with FTX and Crypto.com, influencers in the crypto industry have started calling to withdraw funds from exchanges. The crypto intelligence firm, CryptoQuant, tweeted a chart this morning showing the outflow of BTC from the crypto exchange, Gate.io.
BTC outflow form Gate.io (Source: CryptoQuant)
As seen from the chart above, BTC’s outflow level from Gate.io has surged over the last few days – taking the number to 1,611.8225 BTC.
The outflow of BTC may support the price of the crypto market leader and protect it from falling even lower over the coming days. BTC is currently trading at $16,726.13 after its price dropped 15.60% over the last seven days. However, the outflow of BTC may already be providing support for the coin as it’s up by a slight 0.92% over the last 24 hours, according to CoinMarketCap.
BTC’s price was able to set a daily high at $17,109.32 but was unable to maintain this price as fear, uncertainty and doubt (FUD) levels continued to run rampant following the FTX and Crypto.com events.
Daily chart for BTC/USDT (Source: CoinMarketCap)
The price of BTC is currently trading under the daily 9 EMA line. Its price seems to be looking to challenge the level as yesterday’s trading session closed positively, and today’s trading session is on track to follow suit.
One thing to note, however, is that momentum is in favour of bears at the moment as the 9 EMA is positioned well below the 20 EMA line and is breaking away from the longer EMA line as well. To flip the situation for BTC to bullish will take a significant event at this time, given that the bearish momentum will need to be overcome first.
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Source: Cryptocurrency - investing.com
