Bitcoin has held shut to the $19,000 assist for the previous two weeks
The cryptocurrency has witnessed elevated exchange outflows
Bitcoin lacks a directional motion, however the present worth is enticing
Despite a tricky month, Bitcoin BTC/USD holds strongly to the $19,000 assist. As of press time, Bitcoin was buying and selling at $19,275, a zone bulls have defended for the final two weeks. The stability comes amid optimistic worth expectations.
As of the primary day of October, Bitcoin outflows from exchanges hit “the highest amount in months.” According to CryptoQuant, the outflows have been greater than 61,000 BTC in three days to the beginning of October. The crypto analytics agency famous that the outflows recommended a rising demand for Bitcoin.
Ideally, all else held fixed; exchange flows point out worth expectations in crypto markets. Outflows counsel that buyers are including positions since they’re satisfied of worth appreciation. The converse is true throughout a interval of exchange inflows.
Bitcoin exhibits little upside amid worth stability
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If we flip to the technical aspect, there’s a restricted upside for Bitcoin. However, it’s a tug of battle between bulls and bears on the vital $19,00 degree.
Source – TradingView
The MACD indicator exhibits a really weak bullish momentum. Despite a bullish crossover, the MACD continues to be within the bearish zone.
Will Bitcoin rise or fall?
At the second, Bitcoin lacks a directional bias. However, the cryptocurrency stays secure, making $19,000 the extent to watch. Remember that Bitcoin has all the time defended the extent since June. The restoration from the June lows was rapidly muted by the macro woes.
With elevated exchange outflows, it might be the potential set off for a bullish reversal. Also, primarily based on prior worth developments, Bitcoin stays enticing on the $19,000 degree.
