Bitcoin struggles at $60,000, lower exchange reserves bring hope to bulls
Bitcoin is now struggling to break through the $60,000 mark, but it seems to be under some pressure at the moment. Despite this, there are some positive signs in the market that make investors who are bullish on Bitcoin optimistic.
First, although Bitcoin's current price has lost about 10% from last Friday, China's Bitcoin exchange reserves have fallen to a new low for the year. This may mean that Bitcoin in the market is being moved to safer places, such as cold wallets, rather than in exchanges.
This trend shows that more and more investors are choosing to keep Bitcoin themselves instead of keeping it in exchanges. This will reduce the selling pressure in the market, which may drive Bitcoin prices higher if demand continues to rise.
At the same time, long-term holders have added 262,000 BTC to the supply in the past 30 days. They now control about 14.82 million BTC, accounting for 75% of the total supply. This shows that despite some market volatility, many investors still choose to hold Bitcoin in anticipation of future price increases and the rich returns it brings.
In addition, according to CryptoQuant data, the profitability of miners (that is, the hash price) has now dropped to a very low level. Historically, this situation usually means that the price of Bitcoin is close to the bottom. Therefore, this may be a good time for investors to buy, and it may even help the market rebound.
In general, although Bitcoin has not yet broken through $60,000, some signs in the market still give long-term investors some hope.
Where do you think the price of Bitcoin will go? Leave your opinion in the comment area!
