BTC Price Targets $56970 Amid Exchange Supply Drop

Bitcoin BTC

The amount of Bitcoin available for exchange is now the lowest since December 2017. Currently, only 5.3% of the total Bitcoin supply remains on exchanges.

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In the past two days, the Bitcoin bulls have gained control following about a month of consolidation since the spot Bitcoin ETF approval. The Bitcoin price has risen by another 3.5% in the last 24 hours, reaching $46,063, with a market capitalization of $903 billion.


Bitcoin Price Surge Linked to Strong Exchange Withdrawals

The recent surge in Bitcoin’s price is closely tied to a substantial withdrawal of BTC from exchanges over the last two weeks. A reported 25,305 Bitcoins, valued at $1.1 billion, have been withdrawn during this period.

Notably, there’s been a notable decrease in the ratio of Bitcoin held on exchanges since December 2017. This trend indicates a shift in investor behavior towards reducing Bitcoin holdings on trading platforms, potentially signaling a preference for long-term holding strategies. Currently, only 5.3% of the total BTC supply is held on exchanges according to Santiment data.

Simultaneously, Bitcoin whale accumulation has been on the rise over the past two weeks, suggesting growing confidence among large-scale investors in Bitcoin’s long-term prospects.

Bitcoin’s dominance in the cryptocurrency market has experienced a significant uptick, surpassing altcoins, with its market value reaching as high as $45.5K today. This rise underscores Bitcoin’s continued prominence and influence within the broader cryptocurrency landscape.

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Insights into Bitcoin’s Price Dynamics by Analyst Ali Martinez

Renowned crypto analyst Ali Martinez has provided valuable insights into Bitcoin’s current price dynamics, highlighting crucial support and resistance levels for the cryptocurrency.

Martinez identifies a significant support level for Bitcoin at $42,560, with approximately 1.02 million BTC transacting within this price range. Sustaining this support level is deemed essential for determining Bitcoin’s future trajectory. Conversely, key resistance levels at $47,360 and $56,970 pose potential barriers to Bitcoin’s upward movement.

Martinez emphasizes the significance of the Super Trend indicator, which recently flashed a buy signal on Bitcoin’s monthly chart. This indicator is renowned for accurately predicting BTC bull markets, with previous buy signals resulting in substantial gains.

Highlighting the indicator’s track record, Martinez notes that all four buy signals issued by the Super Trend indicator since Bitcoin’s inception have been validated. These signals have led to significant gains ranging from 828% to an impressive 169,172%.

Courtesy: Ali Martinez

Additionally, Martinez points out that nearly 70% of Bitcoin holders have not moved their coins over the past year, indicating strong holding sentiment among investors.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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