As Bitcoin (BTC) continues hovering around the $20K area, the balance on exchanges is shrinking.
“The last time the BTC balance on exchanges was below 2.38 million BTC was in late July 2018 when Bitcoin was trading at around $8,000.”
Bitcoin exiting crypto exchanges is bullish because it symbolizes a hodling culture, given that coins are often transferred to cold storage and digital wallets for future purposes other than speculation.
With BTC’s balance on exchanges dropping to a 4-year low, time will tell whether this will trigger the much-needed momentum to drive the leading cryptocurrency upwards based on its current consolidation around the psychological price of $20,000.
For the ranging market to be breached, Michael van de Poppe believes the $21,200 area should be broken. The CEO and founder of educational platform Eight stated:
“No break of $21.2K for Bitcoin means some more consolidation. On the other hand, the coming weeks are crucial for EUR/USD. It makes sense to have a...
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