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Bitcoin: Assessing the possibility of this bull cycle trend repeating itself
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ambcrypto.comWith November only one week away and Bitcoin taking a dip under the $60k level on 27 October, bears seem to be dictating the market trend. At least in the short term. In fact, after a power-packed ‘Uptober,’ expectations of some consolidation from Bitcoin in the coming month have risen.
Nonetheless, with the king coin trading at $61,021 at press time, it is important to analyze the market on a more structural level to assess BTC’s path ahead.
In spite of the minor pullback in prices, the Bitcoin balance held on exchanges has continued to decline this week too. Balances fell to 2.474 million BTC, returning to levels last seen in August 2018. Notably, since February 2020, the average rate of outflows has been 30.85K BTC per month.
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