{"id":11653,"date":"2024-10-05T01:35:27","date_gmt":"2024-10-05T01:35:27","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11653"},"modified":"2024-10-05T01:35:27","modified_gmt":"2024-10-05T01:35:27","slug":"bitcoin-price-to-recover-soon-this-popular-indicator-gives-hints","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11653","title":{"rendered":"Bitcoin Price to Recover Soon? This Popular Indicator Gives Hints"},"content":{"rendered":"

The crypto market tumbled significantly as geopolitical tensions escalated after Iran launched missile strikes on Israel. Bitcoin, for one, dropped below $60,500 before staging a modest recovery.<\/p>\n

Despite this, demand from United States-based investors remains high, according to recent findings. Such a trend could provide Bitcoin with a respite from the bears.<\/p>\n

US Investor Demand Remains Strong<\/h2>\n

In an October 3 post<\/a>, CryptoQuant noted the chance of a short-term Bitcoin price increase.<\/p>\n

The Coinbase Premium Index signals a potential short-term increase in Bitcoin\u2019s price. By tracking the 1-hour time frame and comparing the 24-hour and 168-hour moving averages, CryptoQuant analyst Yonsei_dent found that a bullish indicator has emerged when the daily moving average forms a golden cross over the weekly.<\/p>\n

At present, the daily average has temporarily surpassed the weekly average, with the gap between the two narrowing, suggesting upward momentum. Historically, this pattern has led to short-term price increases, as seen on October 1st, when strong US investor demand pushed Bitcoin higher despite a correction.<\/p>\n

The current rise in Coinbase Premium indicates a similar scenario, with growing demand from US-based investors potentially indicating a recovery in Bitcoin\u2019s price.<\/p>\n

<\/a>Source: CryptoQuant<\/p>\n

Bitcoin Sees Record Outflows from Exchanges<\/h2>\n

Adding to this bullish thesis, another analysis by CryptoQuant revealed<\/a> that Bitcoin has experienced its largest outflow from exchanges since November 2022, signaling a shift in market sentiment.<\/p>\n

On-chain data shows a marked increase in outflows, with the 30-, 50-, and 100-day moving averages all reflecting this trend. A significant outflow typically indicates that investors are moving their Bitcoin to private wallets, reducing the supply on exchanges, which can create much-needed upward pressure on the price of the asset.<\/p>\n

This trend often suggests that investors are confident in Bitcoin\u2019s long-term potential, opting to hold rather than trade, which may be a bullish indicator for future market activity.<\/p>\n

The post Bitcoin Price to Recover Soon? This Popular Indicator Gives Hints<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The crypto market tumbled significantly as geopolitical tensions escalated after Iran launched missile strikes on Israel. Bitcoin, for one, dropped below $60,500 before staging a modest recovery. Despite this, demand from United States-based investors remains high, according to recent findings. Such a trend could provide Bitcoin with a respite from the bears. US Investor Demand […]<\/p>\n","protected":false},"author":0,"featured_media":11654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11653"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11653"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11654"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}