Large Withdrawals of Bitcoin and Ethereum from Binance..."Suggesting Recovery of Upward Momentum"
Summary
- There have been large withdrawals of Bitcoin and Ethereum from Binance, increasing expectations for a price rise.
- The analyst observed that traders’ sentiment is shifting toward a long-term holding trend and said that Bitcoin has the potential to regain its upward momentum.
- The ceasefire between Iran and Israel and the sharp rise in the S&P 500 Index—together with the reduction in geopolitical risks—could serve as catalysts for a Bitcoin bull market.
The previous day, large amounts of Bitcoin (BTC) and Ethereum (ETH) were withdrawn from Binance, leading to increased expectations for a price rise, according to an analysis.
On the 24th (local time), Amar Taha, a contributor at CryptoQuant, stated in a report, "4,000 BTC and 61,000 ETH were withdrawn from Binance in a single day yesterday," adding, "This indicates that traders’ sentiment is shifting toward long-term holding."
He further added, "Bitcoin is in a favorable position to recover its upward trend."
Additionally, he mentioned that the ceasefire announcements by Iran and Israel are expected to have a positive effect. The analyst said, "Iran and Israel have reached a full ceasefire agreement," and explained, "A preference for risk due to reduced geopolitical risks becomes the driving force behind a Bitcoin bull market."
He also commented, "The sharp rise in the S&P 500 Index likewise indicates a positive market response to risk assets."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
