- Glassnode Alerts famous that BTC provide on exchanges has hit a 3-month low.
- Regardless of elevated provide on exchanges, BTC was in a position to efficiently retest the 200-week MA.
- At press time, the market chief was buying and selling at $26,540.60 after a 0.65% 24-hour loss.
Glassnode Alerts, an on-chain analytics platform, took to Twitter earlier as we speak to share the newest information on cryptocurrency market chief Bitcoin (BTC). In keeping with the report, BTC balances on exchanges hit a brand new 3-month low of two,281,978,198 BTC. This matches the earlier 3-month low of two,282,204,204 BTC recorded in 2023. June 17
If the steadiness of BTC held by cryptocurrency exchanges reaches a brand new low, it often signifies {that a} important variety of BTC holders have withdrawn their funds from the exchanges and moved them to self-storage options. It might additionally imply elevated investor confidence within the cryptocurrency market chief.
Given the SEC’s latest crackdowns on a number of crypto exchanges over the previous week, it is smart that BTC holders need to transfer their BTC holdings into their very own custody. In the meantime, BTC was one of many many cryptocurrencies to expertise losses up to now 24 buying and selling hours, in keeping with CoinMarketCap.
After hitting a excessive of $26,651.49 and setting a 24-hour low of $26,374.90, the market chief was buying and selling at $26,540.60 at press time after shedding 0.65%. Regardless of this slight loss, BTC’s efficiency for the week remained up 2.88 p.c.
Technical analyst CryptoCon additionally tweeted concerning the main cryptocurrency. A in a tweet An analyst printed yesterday mentioned BTC’s bull market continues after a profitable retest of the 20-week shifting common.
The value of the cryptocurrency briefly fell beneath the weekly technical indicator talked about within the analyst’s tweet. Nevertheless, CryptoCon attributed this brief drop to market manipulators and believes that BTC value is simply initially of a medium-term constructive development after it regained a place above its 20-week shifting common.
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