Bitcoin has been rapidly leaving exchanges as the digital asset market remains steady, as per a well-known crypto analyst.

Trader Ali Martinez informed his 63,700 followers on the social media platform X that around 22,647 BTC valued at over $1.57 billion were withdrawn from crypto exchanges in a recent seven-day period.

Additionally, Martinez highlighted that the daily Bitcoin addresses recently broke a downward trend that started on March 5th.

“In just 24 hours, 765,480 BTC addresses were active. This increase in network activity is a positive indicator that the BTC bull run will persist.”

Martinez emphasized that Bitcoin is firmly supported in a range between $69,380 and $67,350. Within this price bracket, 1.97 million addresses purchased 964,000 BTC.

Martinez explained, “Maintaining this level is crucial for BTC to maintain its upward trajectory.”

The analyst also delved into Bitcoin’s cumulative value-days destroyed (CVDD). This metric examines the value of each Bitcoin transaction while considering the number of days since the coins were last moved. The CVDD monitors the total sum of the coin days destroyed metric as a ratio to the market age and is utilized to identify potential market peaks and troughs.

According to Martinez, the CVDD suggests that the next possible local peak for Bitcoin could be around $89,200.

At the time of writing, BTC is trading at $68,058.

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