A Potential Bitcoin Price Explosion Above $60,0000 is Brewing; Here’s Why

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Has the Bitcoin market topped out as traders constantly fail to achieve a breakout move above $60,000? Apparently, no. Bitcoin upside trapped by $60,000-resistance. Source: BTCUSD on TradingView.com According to Ki-Young Ju, the CEO of CrypoQuant — a South Korea-based blockchain analytics firm, Bitcoin has every reason to break bullish on $60,000. The analyst cited one reason behind his upside take on the flagship cryptocurrency: the declining bitcoin balances across all the crypto exchanges. Bitcoin Outflow Increases CryptoQuant tracks the number of bitcoin exchanges hold in their publicly visible addresses. When traders deposit their BTCs in the exchanges’ wallets, the firm considers that they either do so for trading it for other crypto assets or dump them entirely to cash out. Conversely, when traders withdraw their BTCs from exchanges, CryptoQuant says it shows their willingness to hold the tokens. Mr. Young looked at the relationship between Bitcoin’s price peak and…

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