Bitcoin Sees Massive Exchange Outflow, Could Price Surge Be Imminent?

A substantial outflow of Bitcoin from crypto exchanges worth approximately $1.52 billion in the past 24 hours has raised anticipation for a potential price jump. Coinbase led with largest withdrawals, followed closely by Kraken and Binance, hinting at long-term holdings rather than short-term selling. This trend suggests that more investors are seeking to keep their Bitcoin for future use, potentially reducing market pressure. The Bull Score Index for Bitcoin currently sits at 80, indicating a strong bullish sentiment and rising optimism. The demand for cryptocurrency has also witnessed a surge in the past month, reaching a peak similar to the all-time high last year. This surge coincided with a significant price rally and a subsequent drop of 7%, bringing the current price down to $104,646 but still highlighting a 30% increase from its earlier low points. The current market is also experiencing increased trading volume, reaching $60 billion over the last 24 hours.