Minkyu Woo, one of the CryptoQuant technical analysts, claimed that as Bitcoin (BTC) sales continue, there has been a noticeable volume from spot exchanges recently.
Woo said the whales may have bought large amounts of BTC. Woo saw BTC's $37,000-$40,000 price range as a critical accumulation phase that has been ongoing since March 2022 and urged investors to pick up or buy from the bottoms if possible.
While a significant amount of Bitcoin was removed from exchanges before, following scenarios where the exit volume was higher, the upward price action soon helped to reverse the short-term bearish sentiment of the market as well.
"Since Q4 of 2020 until the present, clear movement from smart money has been detected. (Stablecoin inflow MA)
By seeing below chart, BTC is in the bottom zone clearly and it is really hard not to buy BTC now."
In addition, Woo stated that as long as Bitcoin has been trading below the 200 MA support line since Q4 of 2020, enough crypto will start accumulating the leading cryptocurrency BTC. As Woo's chart shows, BTC has dived into the "bottom zone" and the buy rate has risen accordingly.
Bitcoin Outperforms Other Payment Networks
Jack Mallers, CEO of digital payments platform Strike, interviewed Yahoo Finance on Bitcoin (BTC).
Known for his support of Bitcoin, Strike CEO said that Bitcoin as a payment network is superior to payment networks such as a card or bank system. Saying that Bitcoin is cheaper, faster, more global, more inclusive and more innovative compared to other payment networks, Mallers said, “BTC is better than all payment systems.”
Defending the superiority of Bitcoin as a payment network, Jack Mallers also advised investors not to sell their BTC. According to the famous CEO, Bitcoin is designed to increase the value of the USD over time. For this reason, he stated that investors should hold BTC as a store of value.