Bitcoin Exchange Supply Drops to Lowest Since 2018
- Supply Trend Change: The percentage of Bitcoin held on exchanges has dropped to around 13.7%, the lowest since 2018, indicating that holders are not preparing to sell, which could lead to potential price increases in the future.
- Reduced Exchange Inflows: Despite Bitcoin trading near $92,000, inflows to exchanges remain low, reflecting holders' preference to move BTC into cold storage or long-term wallets, enhancing bullish sentiment in the market.
- Price Volatility Observation: Bitcoin's price has experienced volatility this week, hitting nearly $95,000 before dropping to $91,500, with traders focusing on key support levels at $93,800 and $96,500, maintaining a cautious market sentiment.
- Long-Term Holder Data Controversy: Analysts have pointed out that the Coinbase wallet migration may lead to an underestimation of long-term holder supply data, suggesting that if over 500,000 BTC were included, the actual holding amount could be underestimated, impacting market expectations.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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