Bitcoin Exchange Reserves Drop to Lowest Levels in Years as Price Hits $95,744
Bitcoin reserves on digital asset trading platforms have reached their lowest levels in years, according to data from CryptoQuant. The leading cryptocurrency has struggled to maintain prices above $97,000, indicating insufficient buying pressure for a sustainable rally toward the anticipated $100,000 price level.
CryptoQuant reports that 171,000 BTC have been transferred from exchanges following pro-crypto candidate Donald Trump's victory in the 2024 U.S. presidential elections. Trump's campaign promises related to cryptocurrencies have fostered a bullish sentiment in the market.
Bitcoin exchange reserves have declined since the start of 2024, when approximately 3 million BTC were held on exchanges. Currently, about 2.64 million BTC remain on digital asset trading platforms.
This decline in reserves may signal bullish trends, as holders move their assets to private wallets, anticipating long-term gains under the Trump administration. Consequently, this could lead to reduced selling pressure for Bitcoin, which is currently valued at $95,744.51, according to CoinMarketCap data.
A significant psychological barrier exists at the $100,000 price level. Breaking through this requires a substantial increase in buying volume. In the past 24 hours, Bitcoin's trading volume decreased by 15.5% to $59.74 billion, suggesting that investors are reallocating funds to other cryptocurrencies as altcoins show bullish trends.
Increasing Accumulation of BTC
The accumulation of Bitcoin is rising, as indicated by TradingView. The A/D line shows higher highs, suggesting potential short-term distribution before a possible surge above the $97,000 price level.
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Source: TradingView
The Relative Strength Index (RSI) currently reads 62.05, indicating bullish control over Bitcoin's price trajectory. As the RSI moves away from overbought levels, a price correction appears to be concluding, potentially leading to sideways consolidation and a subsequent move toward the all-time high of $99,655.50.
As previously noted, investors may anticipate a surge in BTC prices once profit-booking subsides, especially with major institutions like MicroStrategy and MARA making substantial investments in Bitcoin.