CandleFocus Bitcoin reserves on exchanges plunge to all-time low, fundamentals remain strong
2024-10-13
Author: Content Editor
Despite a recent price correction, on-chain metrics indicate that Bitcoin's fundamentals remain strong. The decline in Bitcoin reserves on exchanges suggests that investors are choosing to hold rather than sell, which is seen as a bullish signal. Active addresses and transaction volume on the Bitcoin network are also high, indicating sustained on-chain activity. Derivative market positions have decreased, signaling a reduction in leverage among traders. Long-term holders are accumulating BTC, while short-term holders are selling. Based on accumulation patterns and declining exchange reserves, the analyst suggests that long-term trends may remain positive. Currently, Bitcoin is hovering around the $62,600 level while the global crypto market cap has seen a slight decrease in the last 24 hours.
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