The global cryptocurrency market is trading under severe selling pressure with increased volatility recently.

Bitcoin price has fallen by more than 18% over the past 30 days.

This price action opened the doors for investors to buy into a dip in the Bitcoin price.

Bitcoin Price Drop: Buying Pullback?

According to Glassnode data, the Bitcoin Exchange outflow has reached an all-time high.

A total of 179,250 bitcoins have left cryptocurrency exchanges on a net basis over the past 30 days.

This indicates that the market is nearing the bottom now.

Read:Islamic Sharia Advisory Council in Malaysia: It is permissible to invest and trade cryptocurrencies

The data shows that the number of bitcoin deposits (7d MA) has reached a two-year low of 1735.12.

According to the report, Bitcoin is flowing from exchanges at a rate of over 172,000 per month.

This has surpassed the previous high set after the sell-off in June 2022.

On the other hand, the total confirmed transactions also witnessed an upward trend during the past two weeks.

company reported glass Accounts holding more than 1 Bitcoin have reached a new record of 951,823.

Bitcoin price has fallen by almost 20% in the last 30 days.

Bitcoin is trading at an average price of $16,500, at the time of writing this article.

Rise in the number of bitcoin transactions:

Total confirmed transactions reached a multi-month high of 246,000 transactions per day.

It is important to note that 29.2% (77.1 thousand withdrawals) of the total transactions involved transfers and withdrawals from trading platforms.

While 18.2% (48.1 thousand fry) were recorded in deposit transactions.

Read:4 cryptocurrencies removed from Binance platform…. for these reasons

The explosion of activity related to trading platforms has shifted the dominance of withdrawals, accounting for 47.4% of total transactions.

Read also:

FTX hacker mixes stolen cryptocurrency transactions…details here

The BNB digital currency continues to shine in performance…Learn the reasons behind its high price