Bitcoin Price UP as Investors Transfer $280M BTC to Long-Term Storage — is $30,000 Next?

Bitcoin Price Insights:

• Bitcoin (BTC) price briefly broke above the $28,000 territory on Monday, October 16, 2023. 
• Bitcoin holders shifted 10,000 BTC out of crypto exchanges this weekend, suggesting cooling fears of a potential international crisis in the Middle East. 
• Vital technical indicators show how Bitcoin’s prolonged consolidation phase with the narrow $500 range could trigger an accelerated price breakout toward $30,000.

Bitcoin’s (BTC) price briefly broke above $28,000 territory on Monday, October 16 2023. Behind the scenes, Bitcoin investors have been spotted shifting millions worth of BTC into long-term storage. Technical indicators provide insights into how high the BTC price could go if Middle East tensions cool off this week.

Investors Shifted 10,000 BTC into Long-Term Storage This Weekend

Last week, Bitcoin price stagnated within the $26,500 to $27,000 range as investors grappled with Fear, Uncertainty and Doubt (FUD) from the escalating crisis in the Middle East. 

But as global leaders hinted at humanitarian intervention this weekend, on-chain indicators shows that Bitcoin investors have started taking on a positive disposition. 

As depicted below, investors moved 10,000 BTC worth approximately $280 million away from crypto exchanges this weekend. Bitcoin Supply on Exchanges stood at 1.13 million BTC as of on Friday October 13. But the Santiment chart shows that by Monday that number has now dropped to 1.12 million BTC.

Exchange Supply tracks real-time changes in the number of BTC deposited in wallets linked to recognized crypto exchanges. A rapid decline, as observed above, means investors are growing confident and moving their coins into long-term storage. 

This 10,000 BTC reduction in Exchange Supply over the weekend suggests Bitcoin investors are growing less caution of bearish headwinds from the Middle Crisis. 

And importantly, there’s now a significant decline of $280 million worth of BTC readily available to be traded on exchanges. If the trend persists, it could trigger another leg up for Bitcoin price before the week runs out. 

BTC Price Prediction:  Road to $30,000

Bitcoin (BTC) price is currently trading around $27,800. The technical analysis in the daily time frame, show that BTC could experience more fluctuations, on its way toward $30,000. 

The 200-day Simple Moving Average (SMA) and Exponential Moving Average (EMA) both indicate a short-term bullish bias. Meanwhile the The 14-day RSI is noted at 58.65, indicating a moderately positive momentum in the market but fast hurtling toward the overbought range at 70. 

If the BTC exchange supply continues to drop, the bulls can sustain the momentum and push toward $30,000. But given the near-overbought status, BTC faces strong resistance at the $28,000. If Bitcoin price surpasses that level, the $28,740 range could form another major obstacle. 

But if BTC enters a retracement, the $26,730 support could prove daunting for the bears. And if the bearish headwinds intensify, the bulls will likely mount a more significant buy-wall at $26,175. 

However, the bulls appear to be in the driving seat at the moment.