The Bitcoin exchange supply is at the lowest since December 2017. Currently, only 5.3% of the total BTC remains on the exchanges.
Reportedly, 25,305 Bitcoins worth $1.1 billion have been withdrawn from exchanges in 2 weeks.
BTC Price has significant support level at $42,560 where 1.02 million coins have transacted.
Nearly 70% of Bitcoin holders haven't moved their coins in six years.
Over the last two days, the Bitcoin bulls have taken charge after almost a month of consolidation since the spot Bitcoin ETF approval. The Bitcoin price has gained an additional 3.5% in the last 24 hours and is currently trading at $46,063 with a market cap of $903 billion.
Bitcoin Exchange Supply At Six-Year Low
The strong surge in the Bitcoin price has also to do with the strong withdrawal of BTC from the exchanges in the last two weeks. Reportedly, 25,305 Bitcoins worth $1.1 billion have been withdrawn from the exchanges in this time.
Of notable significance is the lowest ratio of Bitcoin on exchanges since December 2017, indicating a trend of reduced Bitcoin holdings on trading platforms. This trend suggests a shift in investor behavior, with traders potentially opting for long-term holding strategies. Currently, only 5.3% of the total BTC supply is on exchanges as per the Santiment data. On the other hand, the Bitcoin whale accumulation has been on the rise over the past two weeks.
Furthermore, Bitcoin’s dominance in the cryptocurrency market has seen a significant uptick, overshadowing altcoins, with its market value reaching as high as $45.5K today
According to Martinez, Bitcoin’s recent trading activity reveals a significant support level at $42,560, with approximately 1.02 million BTC transacting within this price range. Maintaining this support would be crucial to deciding Bitcoin’s future trajectory.
Conversely, Martinez highlights key resistance levels at $47,360 and $56,970, signaling potential barriers to Bitcoin’s upward trajectory.
Martinez also draws attention to the Super Trend indicator, which recently flashed a buy signal on Bitcoin’s monthly chart. This tool is renowned for its accuracy in predicting BTC bull markets, with past buy signals resulting in substantial gains.