Bitcoin Bulls Extend the Yearly Peak by Another 7%
Last week, Bitcoin (BTC) price reached $38,000 as the bulls pushed it 7% higher than the yearly peak. The upcoming Consumer Price Index (CPI) data release has analysts examining how BTC price could react to the news. The market is eagerly waiting for the next US Inflation data to see if it will trigger another Bitcoin price breakout.
Bitcoin Holders Deposited 30,000 BTC on Crypto Exchanges Over the Weekend
This week, Bitcoin price prospects are uncertain as markets anticipate the official US inflation reports for October 2023. The US Bureau of Labor Statistics is set to release the latest data on the US Inflation and Consumer Price Index (CPI) on Nov. 14. Investors have been skittish in recent days, with many shifting millions of dollars’ worth of BTC into exchange-hosted wallets over the weekend.
The CryptoQuant’s BTC exchange reserves data shows that Bitcoin exchange reserves increased to 2.04 million BTC deposited across different crypto trading platforms and exchanges. This means BTC holders deposited 30,000 BTC into crypto exchanges over the weekend, diluting market supply by approximately $1.1 billion.
Bitcoin Exchange Reserves vs. Price
The increase in exchange reserves indicates that investors are exploring short-term selling opportunities and diluting market supply without a corresponding increase in demand. This could trigger a Bitcoin price pull-back in the coming days.
Bitcoin Demand Among Corporate Investors Has Reduced Considerably
Bitcoin demand among institutions and corporate entities has slowed significantly in anticipation of this month’s inflation report figures exceeding last month’s. On-chain data reveals that Bitcoin whale investors have reduced their trading activity significantly, which confirms investors are taking a neutral stance on BTC ahead of the CPI data release.
BTC Price Prediction: $35,000 Support Level is Vital
The slowing whales’ sell-off and massive exchange inflows are driving the ongoing Bitcoin price pull-back, putting BTC at risk of further downside. Global In/Out of the Money (GIOM) data confirms this bearish forecast and shows that bears must break the initial support buy wall at $35,000 to remain in control.
Hot Take: Uncertain Times Ahead for Bitcoin
With uncertainty surrounding the upcoming US inflation reports and corporate investor sentiment waning, Bitcoin faces a pivotal moment where it could either rebound or face further downside. The support at $35,000 will be crucial in determining whether bears or bulls take control of the market in the coming days.
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