- Bitcoin rose to a new all-time high above $82 on November 11, 2024
- Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.
The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.
On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.
The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.
Over 40,000 BTC leave exchanges
According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.
In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.
The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.
What next for Bitcoin price?
BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.
Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.
However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.