Bitcoin ETF

Bitcoin

In the past 48 hours, Bitcoin bulls have seized control following nearly a month of consolidation post the approval of the spot Bitcoin ETF. The <a href="https://coingape.com/bitcoin-hits-45k-amid-coinbases-transfer-of-4069-btc/" target="_blank" rel="noopener">Bitcoin price</a> has surged by an extra 3.5% in the last 24 hours, reaching $46,063, with a market capitalization of $903 billion. 
<h3 id="bitcoin-exchange-supply-at-six-year-low">Bitcoin Exchange Supply At Six-Year Low</h3> 
The strong surge in the Bitcoin price has also to do with the strong withdrawal of BTC from the exchanges in the last two weeks. Reportedly, 25,305 Bitcoins worth $1.1 billion have been withdrawn from the exchanges in this time. 
Of notable significance is the lowest ratio of Bitcoin on exchanges since December 2017, indicating a trend of reduced Bitcoin holdings on trading platforms. This trend suggests a shift in investor behavior, with traders potentially opting for long-term holding strategies. Currently, only 5.3% of the total BTC supply is on exchanges as per the Santiment data. On the other hand, the <a href="https://coingape.com/bitcoin-whales-accumulate-heavily-btc-price-eyes-51000-in-pre-halving-rally/" target="_blank" rel="noopener">Bitcoin whale accumulation</a> has been on the rise over the past two weeks. 
<figure id="attachment_179340" aria-describedby="caption-attachment-179340" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-179340" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply.jpeg" alt="" width="2615" height="1726" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply.jpeg 2615w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-300x198.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-1224x808.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-768x507.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-1536x1014.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-2048x1352.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Exchange-Supply-150x99.jpeg 150w" sizes="(max-width: 2615px) 100vw, 2615px">
 <figcaption id="caption-attachment-179340" class="wp-caption-text">
 Courtesy: Santiment
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Furthermore, Bitcoin’s dominance in the cryptocurrency market has seen a significant uptick, overshadowing altcoins, with its market value reaching as high as $45.5K today. 
<h3 id="on-chain-indicators-are-positive">On-chain Indicators Are Positive</h3> 
Renowned crypto analyst Ali Martinez has provided insights into Bitcoin’s current price dynamics, indicating crucial support and resistance levels for the cryptocurrency. 
According to Martinez, Bitcoin’s recent trading activity reveals a significant support level at $42,560, with approximately 1.02 million BTC transacting within this price range. Maintaining this support would be crucial to deciding Bitcoin’s future trajectory. 
Conversely, Martinez highlights key resistance levels at $47,360 and $56,970, signaling potential barriers to Bitcoin’s upward trajectory. 
Martinez also draws attention to the Super Trend indicator, which recently flashed a buy signal on Bitcoin’s monthly chart. This tool is renowned for its accuracy in predicting BTC bull markets, with past buy signals resulting in substantial gains. 
<figure id="attachment_179341" aria-describedby="caption-attachment-179341" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-179341" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy.jpeg" alt="" width="2837" height="1452" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy.jpeg 2837w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-300x154.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-1224x626.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-768x393.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-1536x786.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-2048x1048.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Buy-150x77.jpeg 150w" sizes="(max-width: 2837px) 100vw, 2837px">
 <figcaption id="caption-attachment-179341" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1755693199627018519" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
Martinez points out that the four buy signals issued by the Super Trend indicator since Bitcoin’s inception have all been validated, leading to significant gains ranging from 828% to 169,172%. Another major indicator is that nearly 70% of Bitcoin holders have not moved their coins over the last year. 
The post <a href="https://coingape.com/bitcoin-btc-price-eyes-56970-as-exchange-supply-drops-to-six-year-low/">Bitcoin (BTC) Price Eyes 20% Rally As Exchange Supply Drops to Six-Year Low</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Eyes 20% Rally As Exchange Supply Drops to Six-Year Low

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