Bitcoin (BTC) displays bullish signals as exchange supply hits 5-year low

Bitcoin (BTC) displays bullish signals as exchange supply hits 5-year low
фото показано с : invezz.com

2023-7-26 09:37

Bitcoin (BTC) has witnessed bearish tendencies lately, which saw it losing the $30K value area to hover at $29K. The leading cryptocurrency by market value lost the $29,870 support level, opening the path to the foothold of $27.5K.

While such price actions indicated weakness in Bitcoin, some on-chain metrics suggest an upcoming bullishness. Despite Bitcoin plummeting below $30K, players are moving BTC from exchanges into self-custody – a bullish signal.

Bitcoin exchange supply at 5-year lows

👍 #Bitcoin's supply on exchanges continues to move into self custody, and the drop below $30k last week hasn't triggered severe reactions that would indicate #FUD or more upcoming sell-offs. The 1.17M $BTC on exchanges is the least amount since Nov, 2018. https://t.co/UlqAO0W0cH pic.twitter.com/HmmUMm7QIx

— Santiment (@santimentfeed) July 26, 2023

Santiment revealed that Bitcoin’s drop under $30,000 hasn’t catalyzed massive reactions that could suggest more upcoming price plunges or FUD. The asset’s supply on exchange plummeted to levels not witnessed since November 2018.

The on-chain analytic firm added that Bitcoin still hovers inside a familiar range between $28K and $31.8K. The value area has remained highly constricted, considering BTC’s substantial fluctuations from 2020 to 2022.

Nonetheless, market participants appear more optimistic about the current Bitcoin outlook, with bullish calls exceeding bearish ones. That indicates confidence among crypto investors despite the asset’s failure to sustain above the crucial support of $30K.

As seen here, Bitcoin continues to attract new players as fresh daily addresses increase. That’s a bullish indicator for the token as it indicates surged network usage and activity.

Bitcoin bulls gaining momentum

The leading crypto broke the 100 MA, descending triangle, and Ichimoku cloud. While Bitcoin currently retests levels beyond the Ichimoku, bulls are renewing their strength. Successful retests will welcome a bullish rally for BTC.

#BTC Breakout the descending triangle and also break out the MA 100 and the Ichimoku cloud.
Currently, it is retesting above the Ichimoku cloud. Bulls are gaining momentum and a successful retest will result in another bullish rally. pic.twitter.com/5q0SeFUadm

— Lainey Rustany trade (@laineyRustani) July 26, 2023

Cryptocurrency prices displayed minor upticks on Wednesday, with altcoins following Bitcoin’s actions. The top crypto gained 0.34% over the past 24 hours to $29,215.29. Ethereum surged 0.25% within that timeframe to $1,855.81.

The post Bitcoin (BTC) displays bullish signals as exchange supply hits 5-year low appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97549.5 (+0.22%)
Объем 24H $97.053b
Изменеия 24h: 3.28 %, 7d: 7.57 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1930.058b Rank 1
Цена в час новости $ 29269.34 (233.28%)

btc bitcoin value cryptocurrency leading hover market

Источник: invezz.com

btc bitcoin → Результатов: 126


Japan’s Metaplanet’s Bitcoin Holdings Rise to 530 BTC After Pulling Off Mind-Blowing Strategy

According to the latest announcement from Japanese investment firm Metaplanet Inc., its Bitcoin holdings have surged, rising to 530.717 BTC as of October 3. As revealed by the Tokyo-listed company, this increase in its Bitcoin bags was possible due to a smart options trading strategy, which led to the company earning more BTC and adding […]

2024-10-4 21:00


Фото:

Bitcoin STHs Supply Decreases By 1.31M BTC – A Sign Of Growing Confidence?

Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike.  According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]

2024-9-30 19:00


Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000

Satoshi era bitcoin wallets dormant since 2009, have moved 250 BTC to new wallet addresses The five wallets transferred BTC in batches of 50 coins each Bitcoin price traded around $63,500, having touched highs above $64,000 across major exchanges Several Bitcoin (BTC) miner wallets dormant for over 15 years have moved 250 BTC worth over […] The post Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000 appeared first on CoinJournal.

2024-9-21 12:46


Bitcoin Preparing for a Bullish Phase – New Cryptos to Hold During BTC Expansion

Despite the current bearish market sentiment, many seasoned analysts believe that Bitcoin (BTC) could soon break the $60k psychological barrier and lead the wider market into a bullish phase. The reason for this was explained in a recent post by Bitcoinsensus, suggesting that BTC whales are trying to position themselves for the next bull run.

2024-9-5 17:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru