Bitcoin Breaks $46,000 Level as Bullish Sentiment Returns
Bitcoin has surged past the $46,000 level twice in the last 24 hours, indicating a bullish comeback for cryptocurrencies, especially BTC. This rally comes after the approval of spot Bitcoin ETFs by the SEC. Investors are preparing for the upcoming Bitcoin halving and are withdrawing their funds from exchanges.
Bitcoin Supply on Exchanges Hits Lowest Level Since 2017
On-chain data reveals that a significant amount of money has been transferred from exchanges in the past month. Consequently, the balance of Bitcoin across various exchanges has dropped to its lowest level in six years.
Long-Term Bitcoin Holders Dominate the Market
Data from IntoTheBlock shows that approximately 69% of Bitcoin holders have held their coins for over a year. Furthermore, Santiment’s analytics indicate that only 5.3% of Bitcoin’s total circulating supply is currently on exchanges, with 94.7% held in private custody.
Decline in Exchange Supply Coincides with Spot Bitcoin ETF Launch
The decrease in Bitcoin supply on exchanges began on January 10, around the same time spot Bitcoin ETFs were introduced in the US. This aligns with a shift in market sentiment towards bullishness despite ongoing price struggles.
Potential for Bitcoin to Reach $50,000 Soon
An accumulation strategy could propel Bitcoin towards the $50,000 mark in the near future. The current market conditions suggest that this milestone is within reach.
Hot Take: Bullish Momentum Returns as Bitcoin Breaks Key Resistance Level
The recent surge in Bitcoin’s price above $46,000 indicates a renewed bullish sentiment in the cryptocurrency market. With the approval of spot Bitcoin ETFs and the upcoming Bitcoin halving, investors are actively withdrawing their funds from exchanges, leading to a decline in Bitcoin supply on these platforms. The dominance of long-term holders and the increase in private custody further signify strong confidence in Bitcoin’s potential. As the market continues to rally, it wouldn’t be surprising to see Bitcoin surpass the $50,000 mark in the near future.
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