Lorenzo Stroe
Independent Analyst
- Bitcoin slipped below $9,000 on June 27 but managed to recover on the same day and close above the level.
- Bears got no continuation after a clear break of $9,000.
- Recent reports show the number of Bitcoin inside exchanges is falling, not increasing.
Bitcoin is currently trading at $9,130 after a negative weekend. Bears managed to crack $9,000 and BTC/USD dropped as low as $8,800 on some exchanges. However, the move didn’t last long and bulls were able to buy the dip and recover above $9,100. Bitcoin is still in a daily downtrend but $9,000 has proved to be a strong support level.
The number of Bitcoin inside exchanges is dropping which is a remarkably positive sign
While this metric could indicate a lack of interest in Bitcoin, that is only the case when Bitcoin’s price drops significantly. Since the beginning of May, the price of Bitcoin has remained relatively stable between $9,000 and $10,000, however, the number of BTC inside exchanges has continued to drop.
This basically means that people are withdrawing their Bitcoin to hold it instead of selling it on exchanges.
#Bitcoin $BTC Balance on Exchanges just reached a 13-month low of 2,629,751.011 BTC
— glassnode alerts (@glassnodealerts) June 29, 2020
Previous 13-month low of 2,632,322.478 BTC was observed on 26 June 2020
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/v3h453Kwm6
The recent report by Glassnode shows that Bitcoin has reached a 13-month low on exchanges at about 2,629,751 BTC. This number was above 2.9 million in March. The price of Bitcoin is basically the same as it was in March but the number of Bitcoin on exchanges has dropped tremendously. Although this metric is not enough to spark a bull run towards $10,000, it shows that investors are ready to hold and buy Bitcoin if it dips below $9,000.
BTC/USD technical levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.