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Bitcoin has struggled to make any gains over the past month, with a brief foray of over $ 50,000 that proved to be short-lived, even though a major bank predicted that the price of bitcoin could double soon.
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The price of bitcoin hit $ 52,000 per bitcoin early last week before collapsing to below $ 45,000 as a viral plan to consolidate the price of bitcoin collapsed. The crash wiped out an estimated $ 300 billion from the combined bitcoin and crypto market which currently hovers around $ 2.1 trillion.
Now the data has revealed that bitcoin exchange reserves, the amount of bitcoin held on Coinbase and Binance, have fallen to a lower level than they were in November of last year, when the price of bitcoin started his huge run which peaked at almost $ 65,000 in April.
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The price of bitcoin has stalled over the past month, but new data has revealed the price may be … [+]
SOPA Images / LightRocket via Getty Images
Bitcoin exchange reserves hit new multi-year lows this week, data from on-chain analysis site CryptoQuant showed, which means there is less supply of bitcoin that can be easily sold on the market. Marlet. Low bitcoin exchange reserves occur when investors move their holdings off exchanges to store them.
“The crypto markets have moved into a limited environment since last week’s crash, between $ 43,000 and $ 47,000, without either the bulls or the bears having a firm grip,” wrote Marcus Sotiriou, a trader at UK based digital asset broker GlobalBlock. in a note but pointing to data showing that large bitcoin holders, known as whales, have increased their holdings “by about 44,000 bitcoins in the past week and by 103,600 bitcoins in the past three weeks, “describing the data as” bullish. “
Monday, business intelligence software company Microstrategy
MSTR
“This means that we could see a flood of institutional bitcoin purchase announcements over the coming weeks or months,” Sotiriou wrote, as “the remaining buyers of the 98,000 bitcoins [are] unknown.”
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The price of bitcoin has moved sideways over the past month, but some market watchers believe it could be … [+]
Coinbase
Meanwhile, technical analysis shows the price of bitcoin is about to make a golden cross, where the 50-day moving average exceeds the 200-day moving average. While this is not necessarily a bullish sign and could be a lagging indicator, some believe that a golden cross may support a further rise.
“The cryptocurrency market does not appear to be oversold to be unequivocally attractive for short to medium term purchases, but it is showing signs of interest from buyers,” wrote Alex Kuptsikevch, senior financial analyst at FxPro, in comments sent by email.
Bitcoin has methodically gained support this month down from a simple 200-day moving average, which is now above nearly $ 44,300. In early August, the rise in that curve triggered a 40% rise over the course of the next five weeks. “
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