Recent data indicates a significant drop in the Bitcoin balance on exchanges, which could signal a future rise in the price of this cryptocurrency.
New Record Low for Bitcoin Balance
According to Coinglass data, the Bitcoin balance on exchanges has hit a new all-time low (ATL), standing at 2.07 million BTC. The largest reserves are held on Coinbase Pro with 638,226 BTC, followed by Binance with 535,797 BTC. This points to increasing accumulation of Bitcoin among investors and whales.
Sharp Rise in Bitcoin Price
Bitcoin's price surged over 8% in 72 hours, rising from $98,500 to over $107,500. Moreover, with a trading volume of $51.98 billion, its market capitalization is now $2.14 trillion, with a market dominance of over 65% for the first time since January 18, 2021.
Future of Bitcoin: Bullish or Bearish Trend?
Technical analysis shows positive signs for Bitcoin. All major moving averages are below the price trend, indicating increasing volatility. The Stochastic RSI has displayed a strong upward trend, leading to a favorable short-term outlook. Support levels are at $107,218, while resistance could be faced at $109,631 or a target price of $111,970.
The decline in Bitcoin balance on exchanges and its price increase may significantly impact the market. Key trading levels ahead could signal further price movement.
