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As Bitcoin exchange reserves decline to a new yearly low, the cryptocurrency is positioned for a critical retest of the $60,000 mark.
Bitcoin Reserves Hit New Yearly Low
Crypto exchange holdings have hit a new supply low, which might be the push Bitcoin needs to retest and reclaim the $60,000 mark.
According to an analyst note by Gaah, a contributor to CryptoQuant, "With Bitcoin reserves on exchanges hitting new lows for the year, this could indicate reduced selling pressure, potentially favoring a bull market if demand also continues to grow." This was seen on August 29.
Major Exchanges Hold 2.62 Million Bitcoin
All major cryptocurrency exchanges now have 2.62 million Bitcoin in reserve, down 12.9% from January 1st, according to statistics compiled by CryptoQuant.
According to Gaah, Bitcoin investors who are bullish about the asset's price potential and commit to holding it long-term "generally indicate" that they are switching to cold wallets.
Analysts Predict Bitcoin Surge in Late 2024
Per Cointelegraph, the new predictions by analysts that Bitcoin's price will surge in the fourth quarter of 2024 are accompanied by the decreasing supply of Bitcoin on exchanges.
"To a more resilient market, less prone to large panic sales." Gaah continued by saying that more people holding Bitcoin for the long haul means the market would be more stable.
"When there is less Bitcoin available on exchanges, there is less liquidity available for immediate sale."
The "ultra low" Bitcoin reserves were noted on by the pseudo-trader MartyParty in an Aug. 27 X post, who said that "something is happening."
To their 74,800 X followers, crypto commentator Bitcoin for Freedom warned that "the supply shock will come soon because this is not sustainable." Since August 22, 56,000 Bitcoin have been removed from cryptocurrency exchanges in the past seven days.
$60K Retest Following Major Bitcoin Withdrawals
According to data from CoinMarketCap, Bitcoin retested the $60,000 key level just hours prior to publication and was trading at $58,970 at the time of publication.
The fact that long-term Bitcoin holders have spent more than $10 billion on the asset and are hesitant to sell it since its price dropped from $69,000 was recently exposed.
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