As the Bitcoin price teeters on uncertainty, a significant drop in exchange reserves hints at a brewing scarcity.
exchange reserve has recently fallen to its lowest level in years, a significant development that comes at a time when BTC’s price is struggling to gain upward momentum.
When reserves are high, it suggests an increased supply on exchanges, which can lead to heightened selling pressure and potentially lower prices. Notably, the chart highlights sharp drops in exchange reserves around late 2022 and mid-2023, coinciding with Bitcoin’s price climbing. The MACD histogram indicated diminishing bearish momentum, but has not yet strengthened enough to signal a bullish reversal.Market participants were moving their Bitcoin off exchanges, potentially for long-term holding, which could reduce selling pressure and provide underlying support for the price.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kraken begins Bitcoin (BTC) & Bitcoin Cash (BCH) distribution to Mt Gox creditorsIn a much awaited move, Kraken - a leading crypto exchange - has reportedly started distributing Bitcoin (BTC) and Bitcoin Cash...
Read more »
Crypto whale scoops up 84,000 BTC in July: Bullish market shift?Crypto whales have significantly increased their Bitcoin holdings in the past month, accumulating over 84,000 BTC.
Read more »
Ethereum ETFs vs. Bitcoin ETFs: Which one should you bet on?Whie Ethereum ETFs witnessed 4 consecutive days of outflows, Bitcoin [BTC] ETFs followed a different trend
Read more »
Michael Saylor equates Lummis’ BTC bill to ‘Louisiana Purchase’Saylor's 'Louisiana Purchase moment' for Lummis' BTC reserve bill hints at transforming U.S. Bitcoin leadership.
Read more »
Marathon Digital’s $250M Bitcoin bet: Here’s everything to know!Marathon Digital, a leading Bitcoin mining firm, plans to raise $250 million to buy more BTC.
Read more »
Bitcoin price prediction – Examining the how and why of BTC’s next rallyBitcoin entered a high liquidity zone after its recent rally, which helped the coin reclaim a spot above the 200-day EMA. What next?
Read more »