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The BTC Supply on Exchanges at a 6-Year Low: Initiates Bitcoin Bullish Movement!

  • In the last two days, Bitcoin bulls have taken control after almost a month of consolidation following the approval of the spot Bitcoin ETF.
  • Currently, according to Santiment data, only 5.3% of the total BTC supply is on exchanges. Meanwhile, Bitcoin whale accumulation has increased in the last two weeks.
  • Renowned crypto analyst Ali Martinez provides insights into the current price dynamics of Bitcoin, indicating critical support and resistance levels for the cryptocurrency.

Bitcoin’s price has experienced a significant increase in the last 24 hours, and the supply of Bitcoin on exchanges continues to decrease: Latest data!

Bitcoin Supply on Exchanges Continues to Decrease

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In the last two days, Bitcoin bulls have taken control after almost a month of consolidation following the approval of the spot Bitcoin ETF. The Bitcoin price has gained an additional 3.5% in the last 24 hours, currently trading at $46,500, with a market cap of $903 billion.

The strong increase in the price of Bitcoin is also related to the strong withdrawal of BTC from exchanges in the last two weeks. During this period, 25,305 Bitcoins worth $1.1 billion have been withdrawn from exchanges. Another notable point is that the Bitcoin ratio on exchanges is at its lowest level since December 2017, indicating a declining trend in Bitcoin assets on trading platforms.

This trend indicates a shift in traders’ preferences towards potentially adopting long-term holding strategies. Currently, only 5.3% of the total BTC supply is on exchanges, according to Santiment data. Meanwhile, Bitcoin whale accumulation has increased in the last two weeks. Additionally, Bitcoin’s dominance in the cryptocurrency market has significantly increased, reaching up to $45.5K today.

Positive On-Chain Indicators

Renowned crypto analyst Ali Martinez provides insights into the current price dynamics of Bitcoin, indicating critical support and resistance levels for the cryptocurrency. According to Martinez, the recent trading activity of Bitcoin shows a significant support level at $42,560, where approximately 1.02 million BTC has been traded. Sustaining this support will be crucial in determining the future trajectory of Bitcoin.

On the other hand, Martinez points out significant resistance levels at $47,360 and $56,970 that could potentially hinder Bitcoin’s upward movement. Martinez also highlights the Super Trend indicator, which recently provided a buy signal on Bitcoin’s monthly chart.

This tool is known for its accuracy in predicting BTC bull markets, and past buy signals have led to significant gains ranging from 828% to 169,172%. Martinez also notes that nearly 70% of Bitcoin holders have not moved their funds in the past year.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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