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Santiment has detected a bullish signal that could impact the price of bitcoin from exchange flow balances

Yesterday saw the price of BTC hit a new three-week high of $40,800

The price had not risen above $40,000 since 28 May, and the last time it had been above that figure for a while was between 20 and 21 May. 

Moreover, this upward momentum seems to have been helped by a flow of funds out of the exchanges. 

Santiment publishes a chart that clearly shows a sharp increase in these BTC outflows from exchanges in recent days, whereas in previous days they were virtually non-existent. 

In fact, there had been strong outflows as early as 7 June, and indeed the price was back above $35,000, but in the following days, there had been inflows, with a peak on 10 June, before the price started to fall after hitting $37,500. 

Notably, the recent spike in BTC outflows from exchanges occurred just yesterday as the price climbed back up towards $40,800. 

Bitcoin flow from exchanges is a bullish signal

In this regard they state: 

“When flow balance heads into the negative like it consistently did Monday, it’s a bullish sign”.

Indeed as of Sunday 13 something seems to have happened in the bitcoin markets. 

In fact, in the previous days, the price was sideways between $35,000 and $36,000 without showing any particular signs of volatility. 

However, on Saturday 12 it dropped well below $35,500 and then touched $34,950 the following day. 

The fact that it had tried to break through the $35,000 resistance, without succeeding, seems to have provoked a rebound, as the same day the price jumped to $39,000, clearly breaking through the $38,000 resistance which had held out all month. 

The price then continued to rise, and on Monday 14, the price climbed to $40,800, thanks in part to the outflow of BTC from exchanges. 

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