Bitcoin Exchange Reserves Fall to Record Low, Could $120K Come?

Bitcoin has reached new highs in recent weeks due to positive momentum. Recent study suggests that this momentum is not random as it occurs amid massive behind-the-scenes actions.

Recently, Bitcoin reserves plunged to a record low of 2.4 million, suggesting a “supply shock” that has boosted Bitcoin's price.

This decline in exchange reserves and robust demand have produced a bullish climate that might lead to price hikes.

Supply Shock Ahead

A gradual fall during 2024 led to the present levels, indicating a change in investment behavior. Baykus stated that institutional investors have adopted long-term holding strategies, withdrawing assets off exchanges. Analyst added:

Institutional investors have increasingly adopted the “hodl” method, showing significant confidence in Bitcoin's future.

Bitcoin's price started the year around $40,000 and accelerated in November to over $100,000, peaking at $104,000. The Baykus wrote:

Bitcoin's limited supply and dwindling reserves are optimistic for the market. Bitcoin may set new milestones in late 2024 and early 2025 if investors price in the supply shock.

This measure follows Coinbase activity, one of the region's main exchanges, and has been used to anticipate short-term price swings. Over the last two weeks, the Coinbase Premium Index and Bitcoin's price have diverged, raising worries.

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#Bitcoin price going up while supply on exchanges is dropping

You don’t need a PhD to understand what’s about to happen

$DOGE $DOGE
Dogecoin (DOGE/USD) Market Update: Trading at $0.37280

Price Snapshot: Dogecoin (DOGE) is currently trading at $0.37280 against the USD, maintaining its position as a community-driven cryptocurrency with strong market interest.

Key Highlights:

1. Consistent Momentum: At $0.37280, Dogecoin continues to attract attention for its active community and increasing adoption as a payment method.

2. Mainstream Appeal: From endorsements by celebrities to acceptance by businesses, DOGE has proven its ability to stay relevant in the crypto world.

3. Community Power: The Dogecoin community remains a driving force, contributing to its market movements and fostering widespread enthusiasm.

Trading Insights:

Short-term traders: Look for resistance near $0.38000 and support around $0.36000 for potential breakout or dip-buying opportunities.

Long-term investors: Consider the influence of market sentiment and Dogecoin's growing utility as payment options expand.

What’s Next for DOGE? As DOGE trades at $0.37280, will it surge on the back of renewed enthusiasm, or is it due for consolidation? Share your thoughts and strategies below!

Disclaimer: This post is for informational purposes only and does not constitute financial advice. Always perform thorough research before investing in cryptocurrencies.

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