BTC’s Provide on Exchanges Reaches 3-Month Low of two.2M BTC

• Glassnode Alerts famous that the availability of BTC on exchanges reached a 3-month low.
• Regardless of the elevated provide on exchanges, BTC was capable of efficiently retest the 200-week MA.
• At press time, the market chief was buying and selling at $26,540.60 following a 0.65% 24-hour loss.

Glassnode Alerts, an on-chain evaluation platform, took to Twitter earlier at the moment to share a few of their latest knowledge concerning the crypto market chief, Bitcoin (BTC). In keeping with the publish, the BTC steadiness on exchanges has reached a brand new 3-month low of two,281,978.198 BTC. This follows the earlier 3-month low of two,282,204.204 BTC recorded on 17 June of 2023.

If the steadiness of BTC held by cryptocurrency exchanges reaches a brand new low, it sometimes signifies {that a} important variety of BTC holders have withdrawn their funds from exchanges and moved them to self-custody options. This might additionally counsel elevated confidence amongst buyers within the crypto market chief.

Contemplating the most recent SEC crackdowns on a number of crypto exchanges over the previous week, it’s only logical for BTC holders to wish to switch their BTC holdings into their very own custody. In the meantime, BTC was one of many many cryptos that suffered losses over the previous 24 hours of buying and selling, in line with CoinMarketCap.

After reaching a excessive of $26,651.49 and setting a 24-hour low of $26,374.90, the market chief was buying and selling fingers at $26,540.60 at press time after a 0.65% worth lower. Regardless of this slight loss, BTC’s weekly efficiency remained within the inexperienced at 2.88%.

The technical analyst CryptoCon additionally posted a tweet in regards to the main crypto. In a tweet revealed yesterday, the analyst acknowledged that the BTC bull market continues on following a profitable retest of the 20-week shifting common.

The crypto’s worth did briefly drop again under the weekly technical indicator talked about within the analyst’s tweet. CryptoCon did, nevertheless, attribute this transient drop to market manipulators, and believes that BTC’s worth is just initially of a constructive medium-term development after it reclaimed a place again above the 20-week shifting common.

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