CandleFocus Bitcoin price stuck in a range as balances on exchanges plunge
2024-10-08
Author: Content Editor
Bitcoin price remains in a consolidation phase, trading around $62,540. Despite the correction from its highest point this year, Bitcoin has potential catalysts that could push its price higher. Bitcoin reserves on exchanges have continued to decline, reaching a year-to-date low of 2.34 million coins. It is estimated that over $31 billion worth of Bitcoins have been moved to self-custody wallets and exchange-traded funds. Smart money holdings of stablecoins have also dropped to their lowest level in years, suggesting bullish sentiment. Bitcoin is within a descending black channel but has found support at the 200-day EMA. It needs to rise above $64,500 and break through resistance levels to continue the uptrend, otherwise, it may drop to $52,000.
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