Bitcoin Sees Biggest Exchange Outflow in Five Weeks Ahead of Fed Decision

Bitcoin's bullish setup could weaken if prices fall below roughly $79,000. Bitcoin exchange outflows have surged ahead of crucial macroeconomic events. Santiment found that 14,942 BTC left trading platforms on net. The analytics firm said this was the largest daily net outflow in five weeks. Encouraging Signal The move comes before the Federal Reserve’s decision on Wednesday and GDP and PCE data on Thursday. Santiment explained that holders moving Bitcoin off exchanges could indicate less immediate selling pressure. However, the latest data also brings September’s outflow into focus. On September 22, 17,755 BTC left exchanges. Bitcoin climbed above $86,600 shortly after that outflow. The latest figure is lower, but both moves involve large amounts of coins leaving exchanges. Santiment said $80,000 is the key level to watch during the coming volatility. Holding above it could support a rebound toward $82,500 to $84,000. On the other hand, a decisive drop below roughly $79,000 would weaken the bullish setup, while reclaiming $82,500 after the data releases would offer stronger confirmation. Meanwhile, crypto analyst Sykodelic believes that Bitcoin could be gearing up for another majo...