The total amount of BTC held by major exchanges has dropped by 12.9% since January 1st.
Bitcoin investors who move their holdings to cold wallets are usually bullish on the price.
There has been a new supply low in the quantity of Bitcoin held on cryptocurrency exchanges, which may be the impetus Bitcoin needs to reclaim the $60,000 mark.
According to an analyst at CryptoQuant, on August 29, Bitcoin reserves on exchanges reached new lows for the year, which might mean less selling pressure and even support a bull market if demand keeps growing.
Investors Banking on Bitcoin Price
Data compiled by CryptoQuant shows that the total amount of Bitcoin held by major exchanges has dropped by 12.9% since January 1st, to 2.62 million Bitcoin. According to the analyst, Bitcoin investors who move their holdings to cold wallets are usually bullish on the asset’s price potential and dedicated to keeping it for the long haul.
The new predictions by several analysts that Bitcoin’s pri
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