For Bitcoin Price to Rise, These Balances Must Decrease
In order for Bitcoin (BTC) to break out of its downward trend and start rising again, there is a need for movement on OTC platforms.
Julio Moreno, research director of blockchain analysis company CryptoQuant, said that the total amount of Bitcoin held on over-the-counter (OTC) trading platforms has increased since March 11.
Bitcoin price peaked at that date, rising up to 73 thousand dollars. Since then, there has been a correction of approximately 19%.
The amount of Bitcoin held on OTC platforms has reached the highest level since November 2022. According to Moreno, this indicates that the demand for Bitcoin cannot keep up with the supply.
“These balances may need to fall for the Bitcoin price to rise significantly,” the researcher said. said.
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