Analyzing BTC’s bearish and bullish price action for the week ahead
Earlier this week, the Bitcoin (BTC) price rallied to $44,000 levels amid sanctions reports. But, the cryptocurrency market slumped again as new development from the Ukrainian conflict came in. At press time, the entire crypto market was down by 4%. The king coin suffered a 5% price correction as it dropped below the $41,500 mark.
The percentage of the Bitcoin supply on exchanges dipped further down to 10.76% on 4 March as the supply shock continued to deepen. As pointed out by Santiment, the percentage of BTC supply stored on exchanges dropped over the past 30 days. Moreover, the decreasing supply of BTC held on exchanges essentially meant that investors weren’t in a rush to sell their coins. This can be considered a bullish sign.
Moreover, Tether USD or USDT’s supply on exchanges shared the same fate.
<p lang=«en» dir=«ltr» xml:lang=«en»> Read more on ambcrypto.com
