- Glassnode Alerts famous that the availability of BTC on exchanges hit a 3-month low.
- Regardless of the elevated provide on exchanges, BTC was in a position to efficiently retest the 200-week MA.
- At press time, the market chief was buying and selling at $26,540.60 after a 0.65% 24-hour loss.
Glassnode Alerts, an on-chain analytics platform, took to Twitter earlier at the moment to share a few of its newest knowledge relating to crypto market chief Bitcoin (BTC). In keeping with the submit, the BTC steadiness on the exchanges hit 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 June 17, 2023.
If the steadiness of BTC held by cryptocurrency exchanges reaches a brand new low, it normally signifies {that a} vital variety of BTC holders have withdrawn their funds from exchanges and moved them to self-custody options. It might additionally recommend elevated investor confidence within the crypto market chief.
Given the newest SEC crackdowns on a number of crypto exchanges over the previous week, it is smart that BTC holders would need to transfer their BTC holdings into their very own custody. In the meantime, BTC was one in every of many cryptos that suffered losses prior to now 24 hours of buying and selling, in response to CoinMarketCap.
After hitting a excessive of $26,651.49 and setting a 24-hour low of $26,374.90, the market chief was buying and selling at $26,540.60 at press time after a worth decline of 0, 65%. Regardless of this slight loss, BTC’s weekly efficiency remained within the inexperienced at 2.88%.
Technical analyst CryptoCon additionally posted a tweet in regards to the crypto chief. In a Tweeter launched yesterday, the analyst mentioned that the BTC bull market continues after a profitable retest of the 20-week shifting common.
The crypto worth briefly dipped again beneath the weekly technical indicator talked about within the analyst’s tweet. CryptoCon, nonetheless, attributed the temporary dip to market manipulators and believes that BTC’s worth is simply at the beginning of a medium-term optimistic development after recovering a place above the 20-week shifting common.
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