Bitcoin exchange reserves near record lows, with traders looking for price support of $ 43
The latest data shows that Bitcoin (BTC) available on exchanges is about to hit an all-time low.
As Note by Ki Young Ju, CEO of the on-chain analysis platform CryptoQuant, foreign exchange reserves have returned to an all-time low, which was last recorded in early May.
Is it time for another Bitcoin sell-side liquidity crisis?
On September 1st, the latest date for which numbers are available, 2,399 million BTC are available on major exchanges. The low in May was 2,390 million.
As a result, Bitcoin traders reversed the deposit trend that followed during the price movement in mid-May, suggesting a clear return to an investment-oriented rather than speculative sentiment.
“Expect another liquidity squeeze on the seller side for Bitcoin,” added Ki in the comments.
One such crisis, also known as “tight supply,” has become a popular narrative in recent weeks, aided by healthy purchases of excess liquidity from today’s decline on Tuesday.
Not just retail – derivatives platforms have seen large BTC withdrawals this week as well, as the overall BTC offering becomes less mobile.
data from online chain analyst Glassnode confirmed that the portion of supply that last moved a year or two ago hit a three-year low on Friday.
As a result, those who finally moved BTC to an address between September 2019 and September 2020 will not touch their holdings.
Lower limit of $ 43,000, recommended Bitcoin support level
BTC / USD continues to trade below $ 46,000 at press time on Friday.
Related: Bitcoin Price is in danger of losing its weekly uptrend as the launch of NFT takes Tezos (XTZ) to a 3-month high
In his latest YouTube update, Cointelegraph employee Michaël van de Poppe denied any hint that Bitcoin had entered a bear market, with neighborhood levels raised to aid in aid.
That’s $ 45,700, down to $ 43,000 to $ 44,000 if you fail.
“On the flip side, we also know that $ 46,700 remains a very important level of resistance,” he added.
“If that cracks, I think the chances of us breaking the $ 47,500 to $ 50,000 mark are substantial, and that will fuel the altcoin market as altcoins will continue to be on the hunt.”
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Bitcoin
Bitcoin exchange reserves near record lows, with traders looking for price support of $ 43
The latest data shows that Bitcoin (BTC) available on exchanges is about to hit an all-time low.
As Note by Ki Young Ju, CEO of the on-chain analysis platform CryptoQuant, foreign exchange reserves have returned to an all-time low, which was last recorded in early May.
Is it time for another Bitcoin sell-side liquidity crisis?
On September 1st, the latest date for which numbers are available, 2,399 million BTC are available on major exchanges. The low in May was 2,390 million.
As a result, Bitcoin traders reversed the deposit trend that followed during the price movement in mid-May, suggesting a clear return to an investment-oriented rather than speculative sentiment.
“Expect another liquidity squeeze on the seller side for Bitcoin,” added Ki in the comments.
One such crisis, also known as “tight supply,” has become a popular narrative in recent weeks, aided by healthy purchases of excess liquidity from today’s decline on Tuesday.
Not just retail – derivatives platforms have seen large BTC withdrawals this week as well, as the overall BTC offering becomes less mobile.
data from online chain analyst Glassnode confirmed that the portion of supply that last moved a year or two ago hit a three-year low on Friday.
As a result, those who finally moved BTC to an address between September 2019 and September 2020 will not touch their holdings.
Lower limit of $ 43,000, recommended Bitcoin support level
BTC / USD continues to trade below $ 46,000 at press time on Friday.
Related: Bitcoin Price is in danger of losing its weekly uptrend as the launch of NFT takes Tezos (XTZ) to a 3-month high
In his latest YouTube update, Cointelegraph employee Michaël van de Poppe denied any hint that Bitcoin had entered a bear market, with neighborhood levels raised to aid in aid.
That’s $ 45,700, down to $ 43,000 to $ 44,000 if you fail.
“On the flip side, we also know that $ 46,700 remains a very important level of resistance,” he added.
“If that cracks, I think the chances of us breaking the $ 47,500 to $ 50,000 mark are substantial, and that will fuel the altcoin market as altcoins will continue to be on the hunt.”
.
.
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