During the European session, BTC trade was choppy in a narrow range of $19,400 to $19,950, so Bitcoin price prediction is neutral until this range is breached.
On October 18th, Bitcoin outflow from exchanges increased, indicating that sell pressure is easing and helping the BTC price avoid a more profound decline below $18,000.
$740M in BTC Outflow
According to data compiled by CryptoQuant, more than 37,000 BTC was withdrawn from cryptocurrency exchanges on October 18th. This is the largest daily Bitcoin outflow since June 17, when traders withdrew roughly 68K BTC from exchanges.
Furthermore, approximately 121K BTC, equal to around $2.4 billion at current rates, has been removed from exchanges over the past 30 days.
An increase in the number of Bitcoins entering exchanges is often seen as negative because it increases the supply of Bitcoin that are now available for sale.
Bitcoin Exchange Outflow - Source: Cryptoquant
When Bitcoin outflows from exchanges reached almost 68K BTC on...
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