CandleFocus No Bitcoin (BTC) Left? Exchange Reserves Print New Low Amid Market Rally
2024-10-30
Author: Content Editor
The quantity of Bitcoin available for trading has been decreasing, as shown by record low exchange reserves on major exchanges. This suggests that more investors are withdrawing their holdings and holding Bitcoin in private wallets. The declining liquidity may lead to a supply squeeze during times of high demand, potentially causing prices to rise. Bitcoin's recent surge above $72,000 indicates the possibility of reaching its previous all-time high of $73,679. The $75,000 level is a key obstacle to watch, as breaking through it could lead to further price increases. If there is a pullback, the $66,000 level is expected to provide strong support. Increased buying pressure from institutions and individual investors could further raise the price of Bitcoin, especially given the limited supply. Overall, the declining exchange reserves and strong demand suggest that a supply squeeze may occur, potentially pushing Bitcoin to test past highs and establish new ones.
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