Less BTC supply on crypto exchangesThe trend of decreasing Bitcoin exchange inflows continues, suggesting a potential reduction in sell pressure. The total amount of coins transferred to the exchanges has dropped from a year-to-date high of 97,940 BTC on Feb.25 to 45,000 BTC on April 23, as per data from CryptoQuant. This is reinforced by a reduction in the number of addresses depositing Bitcoin to exchanges, which has been “steadily declining since 2022,” according to CryptoQuant analyst Axel Adler Jr. He highlights that this metric’s 30-day moving average has dropped to 52,000 BTC, a level last seen in December 2016. “This trend is bullish in itself,” as it represents a fourfold reduction in coin sales over the last three years, the analyst said, adding:“Essentially, this represents growing HODL sentiment, which significantly reduces selling pressure, creating a foundation for further growth.”Bitcoin exchange depositing address count.
Several analysts say the next psychological resistance remains at $95,000, and the price might drop to test support levels below.“The $94K–$95K zone is clearly the resistance to beat,” said Swissblock in an April 24 post on X. The onchain data provider asserted that the next logical move for Bitcoin would be a pullback toward the $90,000 zone to gain momentum for a move higher.“The $89K–$90K zone could be next to test bulls, but with BTC’s structure strength, these dips are for buying.”BTC/USD chart.
Related: Bitcoin is the ‘cleanest shirt in the dirty laundry’ — BitfinexIn an April 22 post on X, CryptoQuant contributor Darkfost highlighted a similar divergence in Bitcoin’s price and Binance funding rates. “Whereas BTC continues to climb, funding rates on Binance have turned negative, currently sitting at around -0.006 at the time of writing,” Darkfost explained.
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Author / Journalist: Cointelegraph by Nancy Lubale
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