After hinting at recovering later on Monday, Bitcoin managed to regain its perch above $20,000 and hold atop that level through mid-week. This relief gain comes after Bitcoin lost over 37.9% of its value in June making it its worst monthly price performance since 2011.
In the past two or so weeks, the price had been consolidating around 2017’s $20k all-time-high as investors absorb the shocks of the previous month. The defence put up by bitcoin bulls above the $20,000 psychological level this week, however, hints at the underlying strength of bitcoin bulls – an aspect that has been supported by various on-chain findings.
This week, data from crypto-centric on-chain analytics firm Glassnode showed that despite weak price-action through June, Bitcoin had been withdrawn from exchanges at the most aggressive rate in history.
“Total exchange outflows in June peak at -151k BTC/month, with Shrimp and Whales as main receivers,” wrote Glassnode in a weekly note. “This is in stark contrast...
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