Recently, Bitcoin supply on OTC desks has dropped to record lows, indicating increased institutional activity amid favorable macroeconomic conditions.
Decrease in Bitcoin Supply on OTC Desks
The availability of Bitcoin on OTC desks has decreased to a new record low, suggesting further accumulation by institutions. This shift is related to current macroeconomic factors including a rise in gold prices, a declining US dollar, and increased global liquidity.
Technical Levels and Short-Term Bullish Outlook
Bitcoin recently broke above its EMA25 Daily and successfully retested the EMA50 Daily, indicating strong buyer interest. The market reactions at these levels were bullish, providing entry signals for long positions.
Price Targets and Volatility Expectations
Price targets for Bitcoin have been set at $119,000 and $123,000, with potential movement towards $140,000. These levels represent key liquidity zones that could draw market activity in the coming weeks.
The drop in Bitcoin supply on OTC markets and positive technical signals may indicate potential price increases in the future, especially in light of upcoming economic data.
