BTCs on the exchange are interpreted as selling pressure. Especially in case of sharp price increases, the first place we should look is the exchange reserves.
Since Bitcoin's bottom, we have seen a steady decline in exchange reserves. When we tested the 60k band recently, the reserves had also bottomed out. When we got a reaction from here and reached the 70k region, an increase in reserves was observed and the price experienced a correction.
At this point, the level we need to pay attention to is the 2m $btc region. If we see a buildup above this level, we can interpret it as a sales preparation by the whales. We have observed an increase in reserves in recent days. It is possible to interpret this increase as operational sales made by miners. . As a basis for this, we can show the decrease in miners' reserves in the same period.
Written by KriptoBaykusV2