Bitcoin is a big beneficiary. Investor confidence in crypto markets has been on the increase lately. positive trend. BTC has therefore been continuously accumulated by large investors, despite the somewhat disappointing price movement.
Price of bitcoin may have finished May below the psychological $70,00 mark, even though it had touched this level twice in the two last weeks of the period. According to the latest data on chain, Bitcoin’s popularity has continued to increase.
BTC Price Rally: Is it Coming?
Prominent crypto analyst Ali Martinez shared via a post on the X Platform that significant amounts of Bitcoin are making their way from centralized exchanges. This observation on-chain is based upon the CryptoQuant Exchange Reserve metrics, which track the amount of cryptocurrency in wallets across all central exchanges.
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A rise in the value of this metric indicates an increase in deposits and withdrawals into central exchanges. In this case, Bitcoin. In the meantime, when you look at the metric When the price of a coin falls, more coins leave than enter trading platforms.
Martinez stated that more than 37,500 BTC worth approximately $2.53 billion have been removed from crypto exchanges over the last three days. This massive exodus indicates a shift in investor sentiment, and reflects a long-term investment strategy.
Although it’s difficult to pinpoint the exact reason behind the massive outflow from exchangesThis indicates that investor confidence is increasing. It is possible that investors are convinced of the potential future value of Bitcoin and opt to keep their funds in wallets they control.
A downward spiral for Bitcoin’s stock on exchanges could also lead to a price rally. BTC’s continued decline on exchanges may result in an supply crunch.
In context, supply crunch describes a period or scenario in which the amount of an asset available is less than its demand. This results in a rise in value.
Bitcoin Price at a Glance
According to this article, price of Bitcoin The current price of Bitcoin is $67,489 and has fallen by 1.5% in the last 24 hours. The sluggish performances of the last day are a reflection of the struggles the leading cryptocurrency has faced in the previous week. CoinGecko says that BTC’s price has fallen by 2% during the last week.
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Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com