Bitcoin Price Prediction as Exchange Balances Hit Five-Year Low – Bullish Outlook for BTC?
Bitcoin’s exchange balances have dropped to their lowest level since March 2018, falling below 2.3 million BTC. This significant decline, driven by major outflows from Binance and Coinbase, suggests a shift towards long-term holding strategies.
As large holders, or “whales,” transfer their assets to private wallets, the trend indicates anticipation of future price increases.
This situation has prompted a bullish outlook for Bitcoin as investors speculate on the potential for significant gains in the near future.
Bitcoin balances on exchanges have dropped to their lowest level since March 2018, falling below 2.3 million BTC. This decline is driven by significant outflows from major exchanges like Binance and Coinbase, suggesting a shift towards long-term holding strategies.
Over the past year, Binance, which holds the largest Bitcoin reserves, has experienced substantial withdrawals. Similarly, Coinbase saw one of the largest outflows in 2024, with nearly 16,000 BTC moved in a single day.
This trend indicates that large holders, or “whales,” are transferring their assets to private wallets in anticipation of future price increases.
Key Points:
Bitcoin is currently priced at $67,731 on the 4-hour chart. The pivot point, marked by the green line, stands at $68,000, suggesting a bearish Bitcoin price prediction as long as BTC holds below this level.
Immediate resistance levels are identified at $69,000, $70,600, and $71,000. On the downside, immediate support is at $66,650, followed by $65,950 and $65,150.
The RSI is at 46.62, indicating a neutral trend, while the 50-day Exponential Moving Average (EMA) is $68,000, aligning with the pivot point. The upward trendline supports Bitcoin near $66,650, reinforced by a double bottom
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