- Bitcoin has been seeing massive Bitcoin outflows each week, which is a positive sign that points to underlying strength
- This has yet to be reflected in its price, as the crypto has been facing massive selling pressure that has made it increasingly unclear as to where it may trend next
- In total, 15,000 BTC are being moved off of Coinbase each week, which seems to indicate that massive upside could be imminent in the days and weeks ahead
- One analyst is now insinuating that this could be a sign of institutional bidding taking place, which would mean that upside is imminent
- This comes as MicroStrategy also announced their plans to buy a total of $600m worth of Bitcoin – assuming they complete a convertible note raise
Bitcoin has been seeing mixed price action throughout the past few days, with sellers taking full control of its price action as buyers struggle to gain any significant ground over bears.
The crypto is showing some signs of bottoming within the lower-$48,000 region, but the buying pressure here may not be enough to spark any massive move higher in the short-term.
Despite this perceived weakness, on-chain data suggests BTC is just as strong as ever, with 15,000 BTC leaving Coinbase weekly.