Bitcoin Price Steady as Exchange Reserves Hit Yearly Low
Bitcoin (BTC) is consolidating despite a major drop in exchange reserves, signaling a potential bullish breakout. Currently trading at $62,540, it's down 15% from this year's peak but showing promise.
Bitcoin reserves on exchanges hit a yearly low of 2.34 million, with $31 billion worth of BTC moving into self-custody and ETFs, indicating holders aren't planning to sell soon. Major companies like MicroStrategy, Tesla, and Marathon Digital continue to hold large amounts of Bitcoin.
Technical analysis shows BTC trading in a bullish wedge pattern, with support at the 200-day EMA. To continue rising, Bitcoin needs to break $64,500, with the next target at $73,800. If it drops below $60,000, it could fall to $52,000.
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