Bitcoin's exchange supply has reached a record low level not seen in years, potentially signaling a market shift.
Bitcoin Network Metrics
Activity on the Bitcoin network reflects heightened investor interest. The number of active addresses has risen by 1.16%, reaching a total of 10.17 million, indicating growing user engagement.
Potential Price Movements
The total transaction count has increased by 0.74%, exceeding 418,000, suggesting increased Bitcoin popularity not just in holding but also in use. Technical analysis reveals substantial support around the $81,325 mark. The Relative Strength Index (RSI) stands at 51, indicating a neutral market devoid of clear overbought or oversold conditions.
Final Observations
Liquidation data shows a balance between long and short positions, with $3.65 million in long and $3.56 million in short liquidations. This parity reveals persistent market uncertainty, highlighting a mix of optimism and caution among traders.
Current market conditions may indicate a period of anticipation before a notable price shift. Historically low exchange supply could lead to significant price increases if demand surges.
