The balance of exchanges is decreasing as Bitcoin (BTC), continues to hover around the $20K mark.
Market analyst Ali Martinez explained:
“The last time the BTC balance on exchanges was below 2.38 million BTC was in late July 2018 when Bitcoin was trading at around $8,000.”
Source:Glassnode
The bullishness of Bitcoin leaving crypto exchanges is because it symbolises a hodling culture. Coins are frequently transferred to cold storage or digital wallets for future use other than speculation.
With BTC’s balance on exchanges dropping to a 4-year low, time will tell whether this will trigger the much-needed momentum to drive the leading cryptocurrency upwards based on its current consolidation around the psychological price of $20,000.
Michael van de Poppe believes that the $21,200 barrier should be broken in order to reach the wide market. Eight is the founder and CEO of education platform Eight. stated:
“No break of $21.2K for Bitcoin means some more consolidation. However, the next weeks will be crucial for EUR/USD. It is understandable to expect a slight reversal, and I also expect Bitcoin to continue to rise. Cracking $21.2K is a crucial one.”
Rekt Capital, a crypto trader, also shared similar sentiments. pointed out:
“It’s easy to become bullish on BTC on a green day & bearish on a red day. BTC is still only $19K to $222K. This will continue until either of these levels is broken.”
According to Bitcoin intraday trading, the $20.6K range was seen. CoinMarketCap.
Bitcoin traders show high levels of optimism suggesting that they anticipate a bullish momentum. Santiment is an on-chain insight provider stated:
“Bitcoin’s mild +8% July rise has been enough for crypto traders to begin breaking out the lambo & moon mentions again. This is a sign that traders are getting too optimistic, sarcasm included. Mentions hit their highest levels since Jan 18.”
Source:Santiment
BTC is also one of the most popular topics among investors because of its social dominance. Blockchain.News reported.
Source: Shutterstock
