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
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