Bitcoin balance on crypto exchanges has dropped to its lowest today. Will this act as a catalyst in BTC price reclaiming its $111,000 mark?
The Bitcoin price has made a strong comeback this week after crashing below $100,000 for the first time in over a month. Additionally, it is now trading only at a discount of approximately 4%. On the other hand, the on-chain sentiments are turning extremely bullish this week, highlighting a sustained positive action.
Bitcoin Exchange Balance Drops To New ATL Today
As per the data from Coinglass, the Bitcoin balance on exchanges have dropped to a new all-time low (ATL). Notably, the balance is now at 2.07 million with Coinbase Pro holding the highest reserve of 638,226 BTCs, followed by Binance with 535,797 tokens.
Moreover, other 18 exchanges hold a collective total of approximately 895,270 Bitcoins. This shows rising accumulation of this token among the investors and whales.
BTC Price Jumps Over 8% in 72 Hours
The Bitcoin price has jumped over 8% in 72 hours, from $98,500 to over $107,500. Moreover, with an intraday trading volume of $51.98 billion, it is presently listed at $107,639. Following this, the market capitalization of it has increased to $2.14 trillion with a dominance of over 65% for the first time since 18th of January 2021.
The Exponential Moving Averages (EMAs) 20, 50, 100, 200 is an important indicators used by investors to determine the potential entry and exit points in the market. In this chart, all 4 EMAs are under the price trend, suggesting increasing volatility for the BTC price in the market.
The Stochastic RSI has displayed a strong upward trend in the daily time frame after successfully breaking out of its oversold (20) range. Moreover, with its 3-day average (blue) trendline on the verge of retesting its overbought (80) range. This shows a positive outlook for Bitcoin this week.
A sustained bullish action could push the BTC price toward its resistance level of $109.631 or upper target price of $111,970 during the coming days.
On the contrary, a bearish reversal may pull the price of Bitcoin toward its immediate support trendline of $107,218 soon. Additionally, it could retest its lower support level of $104,810 if the bearish sentiment intensifies this week.
Also Read: Tron Beats Ethereum and Other Chains as USDT Supply Hits $80B
