Bitcoin Reclaims $28,000 As BTC Balances On Exchanges Fall

Despite the uncertainty surrounding the crypto market, Bitcoin is now at $28,000 again. This bullish move comes after Binance’s CEO Changpeng Zhao was sued by the Commodities Futures Trading Commission, which triggered large withdrawals on exchanges.

$660 Million in Bitcoin Flows Out Of Centralized Exchanges

Over the past week, Bitcoin has been flowing heavily out of Coinbase and Binance centralized exchanges. This outflow coincides with increased regulatory scrutiny of crypto exchanges and firms as regulators try to establish tangible rules for them to follow.

Coinglass data shows that over 23542 BTC have left exchanges in the past seven days. This amounts to $660 million worth of BTC, based on current prices.

This outflow has been significant in the past few days. Around 4,750 BTC were withdrawn from Binance in 24 hours on Tuesday. This was due to investors taking control of their coins to avoid a collapse.

The total BTC balance is also in a downward trend. It is down 15,049 BTC over the past 30 days, and lost another 5,202 BTC during the last day. The total Bitcoin traded on exchanges now stands at 1,904,189. This is approximately 10% of total circulating supply.

BTC Seeks $29,000

The digital asset has seen a reversal of its bullish trend due to the increased volume of BTC being traded on exchanges. It has crossed $28,000 in the last day and is now poised to test the $29,000 resistance. The rapid growth in Bitcoin means that $30,000 will be more likely to get reclaimed as momentum builds.

Bitcoin is currently up more than 5% and a 5% increase from now would propel the asset to $30,000. BTC’s ability to comfortably surpass $30,000 would signal that the bull markets are back in full swing and the uptrend is underway.

There is still considerable resistance at $29,000, as bears aren’t giving up. Given its importance in the bull market, $30,000 will be even more difficult to surpass. BTC’s rise to $28,500 has already shown that bulls have the upper hand.

BTC trades at $28,539. BTC’s trading volume has surpassed $20.9 billion. This represents a 12% rise in the past day.