14,942 Bitcoin (BTC) left exchanges, while massive BTC transfers by institutions and whales fueled mixed market sentiment. Amid this, an expert made a bold prediction that BTC could fall to $73,000 if it slips below the $80,000 level.
Bitcoin (BTC) exchange outflows have risen to a five-week high, while an expert's bearish price prediction and massive whale and institutional BTC transfers have raised concerns among market participants.
Recently, Santiment, an on-chain platform, shared a post on X disclosing that 14,942 BTC left the exchanges in a single day.
This massive outflow marked the largest single-day outflow in the past five weeks. In fact, it occurred just ahead of the Fed's decision on Wednesday and the release of major GDP and PCE data on Thursday.
Crypto outflows from exchanges typically signal reduced selling pressure, as investors move assets from exchanges to their wallets for long-term holding, which suggests growing confidence.
Despite record outflows, which signal reduced selling pressure, major crypto giants such as BlackRock and MARA Holding offloaded millions of dollars' worth of BTC. As per crypto transaction trackers Onchain Lens and Lookonchain, these two giants dumped 1,698 BTC worth $135.59 million and 1,000 BTC worth $80.19 million, respectively, over the past 24 hours.
Meanwhile, crypto whales also appear to be following the same trend. Lookonchain shared a post on X revealing that two whales deposited 2,571 BTC worth $206.52 million into Coinbase Prime after three years of inactivity. Additionally, three other whales recently deposited a massive 6,168 BTC worth $498.50 million into Coinbase Prime, as reported by Lookonchain.
Both of these developments together tell different stories, as exchange outflows suggest a potential buying opportunity, while whales and institutions selling off signal more pain ahead.
However, CryptoQuant’s CEO Ki Young Ju appears to have a bearish outlook. Recently, Ki Young Ju warned that if Bitcoin's price slips below the $80,000 level, it could potentially fall to the $73,000 level.
At press time, Bitcoin price had climbed 2.40% over the past 24 hours and traded near $81,400 level. Despite the price recovery, the asset’s trading volume declined 12.05% to $42.15 billion during the same period. This decline in trading volume, while the price shows signs of strength, hints at a lack of interest among market participants in the price recovery.
Despite the price recovery, TradingView’s daily chart points to a bearish short-term bias for Bitcoin. According to the daily chart, the asset has recently broken below a key support level at $81,000, opening the door for further declines.
However, over the past two days, the price has shown signs of recovery and formed two green candles, but it still remains below the $81,000 level, suggesting that the bearish outlook remains intact.
Based on the current price action, as Bitcoin price has reclaimed the $81,000 level and if it closes above it on the daily chart, its bearish outlook could be invalidated, and market sentiment could shift.
On the other hand, if the price remains below the $81,000 level, the bearish bias will remain intact. In this scenario, Bitcoin's price could see more pain and may decline another 5% to reach the $76,000 level.
At press time, the Average Directional Index (ADX) reads 17.37, below the key threshold of 25, suggesting a lack of trend strength in the asset. This indicates that the current price recovery may struggle to continue.
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