Bitcoin Supply on Exchanges Diminishes as BTC Stares at Last Key Support Level Above $30,000
As Bitcoin (BTC) eyes for a clear direction outside the $30K-40K range, the top cryptocurrency has been leaving crypto exchanges in droves.
As Bitcoin (BTC) eyes for a clear direction outside the $30K-40K range, the top cryptocurrency has been leaving crypto exchanges in droves, as acknowledged by Santiment.
The Crypto analytic firm explained:
“Bitcoin’s supply on exchanges is now close to the lowest amount of BTC in 2021. Meanwhile, the supply being moved outside of exchanges is matching levels last seen in November 2018. This is encouraging due to the implication of less selloff.”
Therefore, Bitcoin has been exiting crypto exchanges into cold storage. This signifies a holding culture, which is a bullish sign.
Bitcoin has been indecisive because it has consolidated between the $30K and $40K area for more than two months now. Therefore, BTC traders are waiting for the next significant movement in either direction.
Bitcoin is trading above $30,000 by a whisker
According to data science firm IntoTheBlock:
“Bitcoin fell below the $33,000 crucial level of support. The IOMAP indicator reveals stiff resistance ahead and one last key level of support that could prevent BTC from falling below $30,000. Between $30,5k and $31.1k, over 314 thousand addresses previously bought 241k BTC.”
Bitcoin, therefore, has to hold at $30.5K-31.1K support level to avoid a drop below the psychological price of $30,000.
As the number of daily BTC on-chain transactions remain relatively low, it remains to be seen whether the leading cryptocurrency will hold above $30K in the coming days or bears will take charge.
Bitcoin was down by 2.3% in the last seven days to hit $32,699 during intraday trading, according to CoinMarketCap.
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