Bitcoin supply on exchanges has hit new lows amid a bullish market, with only 1,728,782 BTC currently available on centralized exchanges, indicating a significant decrease in supply. In the last 24 hours, 23,654 BTC exited exchanges, reflecting a growing bullish sentiment among traders who are moving their assets off exchanges for long-term holding. Key exchanges like Binance and Coinbase Pro recorded significant outflows, further contributing to the decrease in BTC supply on exchanges.
This reduction in available BTC comes at a time when positive CPI data and new institutional spot ETF disclosures have fueled recent market activity. Traditional finance firms have disclosed their exposure to spot Bitcoin ETFs, driving up prices. Furthermore, British-American social media personality, Andrew Tate, has announced plans to invest $100 million in Bitcoin, criticizing traditional banks and their practices. Despite some skepticism, Tate remains committed to his crypto investment and aims to showcase proof of his significant investment.
Looking at the technical analysis, the Bitcoin price prediction indicates a slight retracement with support around the $64,750 level. As long as Bitcoin holds above this level, a bullish bounce towards the $66,600 resistance level is likely. However, breaking below $64,750 could lead to further correction towards the $63,300 level. The 50-day Exponential Moving Average and Relative Strength Index support the potential for a bullish trend, with key support levels at $63,150, $61,500, and $61,200 if selling pressure increases.
Overall, the current market trend suggests a bullish outlook for Bitcoin, with potential support levels and resistance levels outlined for traders to monitor. It is essential to keep track of key levels for buying opportunities and to stay informed about market developments for strategic decision-making. Please note that cryptocurrency investments carry high risks, and this article is provided for informational purposes only.
