Recent data indicates that Bitcoin exchange reserves have reached new record lows, highlighting active accumulation by long-term investors and institutional players.
Overview of Current Bitcoin Reserves
Bitcoin reserves on exchanges have dropped to 2.43 million BTC, indicating ongoing accumulation from long-term holders and institutional investors. This reserve decline reduces near-term sell pressure.
Market Activity and Price Movements Analysis
Bitcoin is trading at $104,078, down 2.60% over the last 24 hours. Trading volume is also declining, suggesting a slowdown in aggressive trading activity. Analysts speculate that a break above the $106K resistance might lead to a positive trend in early June.
Political Events Impacting the Crypto Market
In the Czech Republic, Justice Minister Pavel Blažek resigned after revelations that his ministry received a Bitcoin donation from a convicted drug dealer. His decision was backed by coalition leaders to protect the government's credibility.
The analysis indicates that the current state of Bitcoin reserves and price is under pressure, but there is hope for a recovery in the coming months. Political events have also added uncertainty to the market.
