Bitcoin Exchange Net Outflows Hit Five-Week High as $80,000 Support Comes Into Focus
Bitcoin recorded its largest daily net outflow from exchanges in five weeks, with focus turning to whether the cryptocurrency can hold support at $80,000 ahead of major U.S. macroeconomic data releases.Blockchain analytics platform Santiment said on October 27 that Bitcoin's net exchange outflows recently totaled 14,900 BTC, the largest daily net outflow in the past five weeks.Net outflows exceeding inflows suggest there is relatively less positioning for immediate selling, Santiment said.Santiment also identified $80,000 as a key support level for Bitcoin. If the cryptocurrency holds above $80,000 and exchange balances continue to decline, it could rebound to $82,500 to $84,000.A drop below $79,000, however, could weaken the bullish outlook. Santiment added that investors should also watch whether Bitcoin reclaims $82,500 after the Federal Reserve's interest-rate decision and the release of major economic indicators including gross domestic product and the personal consumption expenditures price index.