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Bitcoin (BTC) traded sideways on Tuesday following a broader market downturn, as investors digested recent volatility across the digital asset sector.
Notably, over the past week, the world’s largest cryptocurrency surged by nearly 6%, outperforming several major digital assets that struggled amid widespread selling pressure.
Meanwhile, despite the muted price action, underlying market signals suggest strengthening accumulation trends that some analysts believe could support a potential move toward the $80,000 level in the coming months.
According to a chart tracking Bitcoin Exchange Net Flow posted by analyst Crypto Patel, more than 32,060 BTC have been withdrawn from centralized trading platforms over the past 30 days.
In a post on X, the analyst noted that when Bitcoin leaves exchanges, it often indicates holders are transferring their assets to private wallets or cold storage, typically associated with long-term holding rather than immediate selling.
“Over 32,060 Bitcoin have been withdrawn from exchanges in the past 30 days,” said Crypto Patel. “Only 2.44 million BTC are left on exchanges right now, the lowest level in years,” he added.
Additionally, analyst Ki Young Ju reinforced the broadly optimistic sentiment currently circulating among market observers. In a recent post on X, the analyst noted that many Bitcoin analysts remain strongly bullish on the asset’s outlook.
Furthermore, researchers at CryptoQuant pointed to another key metric, the Exchange BTC Whale Ratio, which recently reached its highest level in six years.
The indicator measures the share of large transactions flowing into exchanges relative to total inflows and is commonly used to assess the behavior of major holders in the Bitcoin market.
According to CryptoQuant analyst CW8900, historical data suggest that a significant rise in the whale ratio can signal the formation of a short-term market bottom.
“When the exchange whale ratio increases, it marks a short-term bottom, and when the ratio is at its peak, it is the point where an uptrend begins,” he said.
Meanwhile, analyst Michaël van de Poppe recently suggested that the broader market structure is beginning to favor further upside.
According to him, global markets appear to be shifting as Bitcoin regains momentum relative to traditional assets such as Gold.
He noted that while gold continues to consolidate, Bitcoin’s valuation relative to gold has begun to climb sharply, indicating renewed strength in the digital asset.
“Markets are breaking upwards,” stated Michaël van de Poppe, adding that “Bitcoin appears to be gaining momentum while Gold remains range-bound.”
If bullish momentum continues to build, van de Poppe suggested that Bitcoin could resume its upward trajectory toward the $80,000 level in the near future.
At press time, BTC was trading at $74,169, reflecting a 0.77% boom in the past 24 hours.
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Source: https://zycrypto.com/over-32000-btc-moved-to-cold-storage-strengthening-80000-bitcoin-price-outlook/
