- More than 37,000 BTC were removed from exchanges in one day, indicating a confirmed accumulation by investors.
- BTC needs to remain above this $78,500-$81,000 support level and break above $84,000 to extend the rally.
Bitcoin ($BTC) is witnessing a notable wave of accumulation, with over 37,000 BTC withdrawn from centralized exchanges within the past 24 hours, according to analyst Ali Martinez. The large outflow indicates that there is increased confidence among investors, from exchanges to personal wallets, which is considered a sign of increased optimism.
According to Glassnode, BTC on exchanges decreased between March 21 and April 10, hand in hand with the current BTC price recovery. Bitcoin rose from a low of $74,000 to trade at more than $82,000 after US President Donald Trump placed a 90-day tariff freeze for most countries.
However, BTC has found resistance at $84,000 and $96,000, which were previously functioning as support zones. These zones could cap further gains if market momentum weakens.
BTC’s Long-Term Trend Relies on Support Zones and On-Chain Accumulation
According to the most recent Coinglass data, outflows of BTC from exchanges remain higher than the inflows. This continuous trend continues to point to the narrative of long-term holders who continue to buy the dips.
CryptoQuant highlighted that the recovery came when Bitcoin tested the area of the 365-MA, currently located at $76,100, which has been a key level in the past to contain further decline.
Cheds, a technical analyst, pointed out that BTC recently emerged from a bullish W pattern on the 4-hour chart, which sets the price floor. Cheds also insisted on the $78,500 to $81,000 support range. A reclaim of $ 81,000 would suggest that the market is ready to retake the bullish stance, which will boost the MA50.
Although the price has recovered, on-chain metrics amid the price bounce. Glassnode’s data show that the number of addresses sent is significantly lower than during previous bull cycles. This means that although accumulation is happening, retail participation has not fully resumed.
Similarly, the number of active BTC addresses remains low compared to previous high levels of activity. Historically, a rise in active users has been associated with high levels of bullish trends. This current separation between price and network activity suggests increased investor prudence.
BTC Price Outlook
Bitcoin is currently trading at $83,996 with a market cap of $1.66 trillion and a trading volume of $26.92 billion. CryptoQuant’s Bull Score Index, which measures the state of the market based on ten indicators, is currently at 10 for the first time since November 2022.
Analysts emphasize that the index must jump up to and over 40 for it to be considered to represent a powerful bull market. While Trump’s tariffs relief has helped to lift short-term optimism, ongoing poor network fundamentals and fixed stability of stablecoins downside remain an issue.
BTC’s short-term outlook hinges on sustaining crucial support levels, with resistance emerging at around $84,000. Significant outflows from exchanges indicate that institutional investors are taking a long-term view — but a prolonged bull run needs on-chain volume and retail traders back.
This news comes as Lomond School in Scotland has announced it will become the first school in the United Kingdom where students will be able to pay tuition through Bitcoin. The school’s latest scheme, which is expected to commence in the coming autumn term 2025, does not only entail payments but has brought the concept of blockchain as well as Bitcoin courses into the learning institution.
