This Major Bitcoin Metric Just Made A New Low For | Crypto News
Bitcoin provide on exchanges has hit a new low for the first time in six years, offering a bullish outlook for BTC. This comes as the flagship crypto continues to hit new all-time highs (ATHs), with the $130,000 goal now in sight.
Bitcoin Supply On Exchanges Hit Six-Year Low
Glassnode data reveals that the Bitcoin provide on exchanges has fallen to a six-year low of around 2.8 million BTC. The last time the BTC stability on exchanges was this low was in June 2019, when the flagship crypto was trading at around $8,745. This development confirms that buyers are accumulating Bitcoin at an unprecedented tempo.
CryptoQuant data also confirms this development, with the Bitcoin exchange reserve at the moment at 2.5 million BTC, even decrease than what is shown on Glassnode’s dashboard. This is bullish for the BTC price, as such huge demand normally precedes a major provide squeeze. Notably, this comes amid an elevated demand from institutional buyers, with the BTC ETFs recording $3.2 billion in weekly inflows last week, their second-largest since their launch last 12 months.
This comes as institutional buyers transfer to Bitcoin as a safe-haven asset as half of the debasement commerce during this period of uncertainty prompted by the U.S. authorities shutdown. Thanks to the elevated demand, BTC is already up 9% to start this month and rallied to a number of all-time highs amid the ‘Uptober’ rally.
The Bitcoin price topped $126,000 for the first time ever yesterday and now seems on course to take a look at the $130,000 milestone. With the large demand from the BTC ETFs, there’s the assumption that the flagship crypto may hit this milestone this month. SoSo Value data reveals that these funds took in $1.19 billion in internet inflows yesterday, their highest daily influx this 12 months.
BTC Could Break Above $130,000
Crypto analyst Titan of Crypto has recommended that Bitcoin is on observe to make a new all-time high (ATH) above $130,000. He famous that BTC is testing the same trendline that rejected it a few weeks in the past. However, this time around, the weekly MACD is crossing bullish, which may spark the rally above $130,000. His accompanying chart confirmed that a rally to as high as $140,000 was a chance if the flagship crypto flips $130,000 into assist.
Crypto analyst Mikybull Crypto also famous that Bitcoin is at the moment going through resistance around its current price degree, making it a key degree to watch. He added that a significant breakout above this degree will ship BTC to between $136,000 and $150,000.
At the time of writing, the Bitcoin price is trading at around $124,500, up in the last 24 hours, according to data from CoinMarketCap.
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