Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo Cryptocurrency Prices today, Charts And Market Capitalizations |Ty gia Coin logo
NewsBTC 2021-12-20 19:00:00

Sharply Dropping Bitcoin Reserves May Suggest Return To Bullish Trend

On-chain data shows Bitcoin exchange reserves have sharply dropped recently, suggesting a possible return to bullish trend. Bitcoin Exchange Reserves Historical Data May Tell Current Trend Is Bullish As explained by an analyst in a CryptoQuant post, the Bitcoin exchange reserves seem to have sharply fallen in the past couple of weeks. The “all exchanges reserve” is a BTC indicator that shows the total amount of coins currently stored in exchange wallets. When the value of this indicator moves up, it means investors are depositing their Bitcoin to exchanges. Holders usually transfer coins to exchanges either for withdrawing to fiat or for purchasing altcoins with them. As such, this trend can be bearish for the price of the crypto. On the other hand, when the reserve moves down, it implies holders are withdrawing their coins at the moment. Such a trend, if sustained, can prove to be bullish for BTC as it may mean that investors are currently in a state of accumulation. Related Reading | Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min Now, here is a chart that shows the trend in the value of the Bitcoin exchange reserve over the past six months: BTC exchange reserves seem to be moving down since a while now | Source: CryptoQuant The Bitcoin exchange reserve has been trending down since May, which would suggest that the market is currently accumulating the crypto. As you can see in the...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.