CryptoQuant’s analysis suggests that the increase in Bitcoin withdrawals may be linked to preparations for the upcoming Bitcoin halving. The platform indicates that this pattern often corresponds to higher holdings in expectation of future price surges. This surge in withdrawals serves as an indication of shifting market sentiment as investors brace themselves for potential market disruptions.

Concurrently, there has been a noticeable decrease in leveraged trading within the crypto market, with Open Interest in derivatives markets dropping from \(18 billion to \)14.2 billion. Analysts view this decline as a positive development following a period of intense trading activity.

Moreover, Bitcoin’s recent entry into the support zone of the Short-Term Holder Spent Output Profit Ratio (STH SOPR) suggests a potential buying opportunity on the horizon. Historically, this phase has typically preceded price upswings.

In a previous report by U.Today, Bitcoin skeptic Peter Schiff emphasized the significance of the \(60,000 mark as a critical support level for Bitcoin. Schiff warned that a definitive breach below this level could establish a "triple top" pattern, potentially leading to a drop to \)20,000.

This article was originally featured on U.Today.