Bitcoin Balance Decreases On Exchange, Price Targets $41K!

<p>&nbsp;"Hopefully we can reach $41K next month, I'm afraid it won't happen."</p><p><br /></p><p>The price of the king of cryptocurrency Bitcoin (BTC) is currently hovering below $38,000 as investors believe that the Securities and Exchange Commission (SEC) of the United States (US) will approve spot BTC in the near future.</p><p><br /></p><p>By observation, a large amount of BTC worth almost $1 billion has been withdrawn from crypto exchanges in the last two weeks.</p><p><br /></p><p>According to an on-chain crypto analyst Willy Woo, BTC flows have made a strong shift away from crypto exchange platforms and he has seen a similar shift towards buying during previous crypto market crashes.</p><p><br /></p><p><br /></p><p>In addition to the outflow of BTC from crypto exchanges, the SEC has asked for public feedback in determining whether to approve Franklin Templeton's spot BTC ETF application.</p><p><br /></p><p>Initially, the US regulator intended to take more time to make a decision but the SEC has now changed its stance, thus it has boosted investors' hopes for spot BTC ETF approval.</p><p><br /></p><p>Another supporting catalyst for the BTC price increase is the growing stablecoin exchange reserves where there is $15.23 billion in Tether (USDT) held in the top 10 USDT exchange wallets.</p><p><br /></p><p>So here it can be seen that it represents the buying power and the expected demand for BTC will increase then the price can climb to $41,000 in December 2023 if the digital asset can break through its resistance zone at $38,000.</p><p><br /></p><p>As of this writing, the price of BTC has plunged by 0.44% to $37,813 in the last 24 hours with a market cap of $739 billion but is still up 1.06% over the last week.</p>