Bitcoin Stocks Deplete on Cryptocurrency Exchange Binance indicates that the bullish rally is about to resume.
An analyst known by the pseudonym Darkfost, сообщил, what is the amount of BTC on the balance Binance has been declining since August, eventually falling to January lows. The trading platform currently holds about 579,000 bitcoins, worth $56,9 billion at the current exchange rate.
Bitcoin reserves are depleted Binance indicates that investors are confident in the long-term potential of BTC, so they prefer to withdraw coins from the marketplace instead of storing them there with the intention of selling them in the near future.
Such behavior by traders often serves as a signal that an upward trend is forming in the market, Darkfost wrote.
After BTC stocks on Binance decreased to the current bottom in January 2024, Bitcoin has risen in price by 90%. By analogy, it can be assumed that the cryptocurrency market will soon resume its bullish rally, and its price will reach approximately $186,000.
Ryan Lee, an analyst at Bitget Research believesthat the Bitcoin market will revive before the end of 2024. In his opinion, the BTC rate could reach $105,000 this week, and the bullish trend will continue thanks to the imminent inauguration of US President-elect Donald Trump.
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