Bitcoin attracts attention with the lowest exchange supply in recent years. Under current conditions, technical indicators and network activity demonstrate the potential for significant price changes.
Current Bitcoin Market Situation
Data shows that the supply of BTC on exchanges has declined to 7.53%, the lowest since February 2018. Investors prefer to hold onto their BTC in wallets, limiting market supply and potentially heralding a price surge. Increased institutional interest, driven by the launch of ETFs and regulatory transparency, also puts upward pressure on prices.
What Are Bitcoin’s Network Activity and Technical Indicators Showing?
The Bitcoin network's activity confirms growing investor interest. The number of active addresses has increased by 1.16%, reaching 10.17 million. Total transactions grew by 0.74%, surpassing 418,000. Technical analysis shows strong support around $81,325 based on Fibonacci levels, with the RSI at 51, indicating no overbought or oversold conditions.
The Market has Stabilized: What Direction is Expected for Prices?
The current Bitcoin liquidation map shows close liquidation amounts of long and short positions: $3.65 million and $3.56 million respectively. This signals a 'waiting' atmosphere before significant price movement. Historical lows of exchange supply could trigger a sharp increase in price with growing demand.
The current Bitcoin market situation and factors like declining exchange supply and rising network activity point to potential shifts in price dynamics. Investors and analysts continue to monitor developments closely.
