Bitcoin (BTC) Ready To Break Past $65,000, On-Chain Data Shows
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Yesterday, Bitcoin (BTC) spiked over 6% following Federal Reserve Chairman Jerome Powellâs announcement that they are adjusting its policy and hinting at a potential 25bps rate cut at the next meeting on September 18. This unexpected news has fueled Bitcoinâs recent volatility, with prices swinging unpredictably in the past weeks.Â
Crucial on-chain data from CryptoQuant is providing a glimmer of optimism. According to the data, traders are positioning for further price appreciation.
As the market digests the Fedâs new stance, all eyes are on Bitcoin to see if this could mark the beginning of a new bullish phase.
Bitcoin Data Showing Market Optimism
Bitcoin is trading above $63,000 and gaining momentum as it prepares to break past the critical $65,000 mark.Â
On-chain data from CryptoQuant reveals growing market optimism, highlighting a significant trend that could drive prices higher. Specifically, Bitcoin exchange reserves on centralized exchanges have plummeted to an all-time low.
Since the end of July, the supply of BTC on exchanges has decreased from over 2.75 million to approximately 2.67 million, representing a 3% drop in just 30 days.
This decline indicates that less BTC is available for trading on exchanges, which could create a supply shock, a situation where demand outstrips supply, leading to a potential price surge. As Bitcoinâs availability on exchanges diminishes, the likelihood of a price increase grows.
With Bitcoin starting to gain strength, the market is closely monitoring this trend, potentially pushing Bitcoin into new bullish territory.
