{"id":434286,"date":"2024-10-18T16:30:19","date_gmt":"2024-10-18T11:00:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=434286"},"modified":"2024-10-18T13:00:33","modified_gmt":"2024-10-18T07:30:33","slug":"bitcoin-supply-on-exchanges-hits-5-year-low-btc-to-70k-next","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-supply-on-exchanges-hits-5-year-low-btc-to-70k-next\/","title":{"rendered":"Bitcoin supply on exchanges hits 5-year low: BTC to $70k next?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Buying pressure on BTC was rising, which suggested a continued price hike.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">However, a few technical indicators hinted at a correction.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> investors enjoyed much profit last week as the coin\u2019s price surged by double digits. Thanks to the price rise, bullish sentiment around the coin increased, causing a record drop in the supply of BTC on exchanges. Will this propel further price rises?\u00a0<\/span><\/p>\n<h2><b>Investors are buying Bitcoin<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that Bitcoin witnessed an over 11% price hike in the last seven days. At press time, the king coin was trading at $67,866.54 with a market capitalization of over $1.34 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, AMBCrypto <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-2-factors-that-can-propel-btc-beyond-67k\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier that there were chances of BTC moving above $67k. Thanks to the latest price increase, over 50 million BTC addresses were in profit, which accounted for more than 94% of the total number of BTC addresses. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While all this happened, a key BTC metric reached a record low. To be precise, Bitcoin\u2019s supply on exchanges dropped to the lowest in the last five years. A drop in this metric means that investors were buying BTC in anticipation of a further price rise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Therefore, AMBCrypto checked other datasets to find out whether buying pressure was high.\u00a0<\/span><\/p>\n<h2><b>Where is BTC headed?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s analysis of CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> established the aforementioned fact. Bitcoin\u2019s exchange reserve dropped sharply over the last months, indicating a clear motive of investors to buy the king coin.<\/span><\/p>\n<figure id=\"attachment_434288\" aria-describedby=\"caption-attachment-434288\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4.png\"><img decoding=\"async\" class=\"wp-image-434288 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4.png\" alt=\"BTC's exchange reserve dropped\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Exchange-Reserve-All-Exchanges-4-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-434288\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Long-term holders were willing to hold their coins, which was evident from the coin\u2019s green binary CDD. Things in the derivatives market also looked pretty optimistic. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coin\u2019s funding rate was rising, meaning that long position traders were dominant and were willing to pay short traders. Additionally, Bitcoin\u2019s taker buy\/sell ratio indicated that buying sentiment was dominant in the derivatives market.<\/span><\/p>\n<figure id=\"attachment_434293\" aria-describedby=\"caption-attachment-434293\" style=\"width: 2020px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-434293 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM.png\" alt=\"BTC's funding rate increased\" width=\"2020\" height=\"582\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM.png 2020w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM-300x86.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM-1024x295.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM-768x221.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM-1536x443.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-18-at-11.29.49\u202fAM-1200x346.png 1200w\" sizes=\"(max-width: 2020px) 100vw, 2020px\" \/><\/a><figcaption id=\"caption-attachment-434293\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, US investors were thinking otherwise. This was evident from the low Coinbase premium, meaning that selling sentiment among US investors was dominant. Rising selling pressure could put an end to BTC\u2019s bull rally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, AMBCrypto planned to take a look at Bitcoin\u2019s daily chart to better understand which way the king coin was headed. As per our analysis, Bitcoin was testing its resistance at the $68k mark. However, the market indicators suggested a rejection.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024\u20132025\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">For instance, BTC\u2019s price touched the upper limit of the Bollinger Bands, which often causes price corrections. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the Relative Strength Index (RSI) was also about to enter the overbought zone. If that happens, selling pressure might rise, which might result in a price drop in the coming days.\u00a0<\/span><\/p>\n<figure id=\"attachment_434297\" aria-describedby=\"caption-attachment-434297\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15.png\"><img decoding=\"async\" class=\"wp-image-434297 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15.png\" alt=\"\" width=\"2560\" height=\"1375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-18_12-27-15-1200x645.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-434297\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s supply held on exchanges hit a record low, indicating a price rise.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":434298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-434286","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin supply on exchanges hits 5-year low: BTC to $70k next? 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