bullish

Hope

Bitcoin

<p>Bitcoin appears to be struggling to position itself above $60,000. The world’s largest crypto asset by market cap is yet to recover from the fall earlier this week. As a result, its weekly losses compared to the surge last Friday stand at about 10%.</p>
<p>However, its reserves on exchanges hitting new lows for the year paints a bullish picture.</p>
<h2 id="bitcoin-s-dwindling-exchange-reserves">Bitcoin’s Dwindling Exchange Reserves</h2>
<p>As per CryptoQuant’s <a href="https://cryptoquant.com/insights/quicktake/66d041fc938c6e0486525949-BTC-reserves-on-exchanges-hit-new-lows-for-the-year" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">observation</a>, bitcoin’s decrease in reserves suggests reduced selling pressure, which could pave the way for a bullish market if demand continues to rise. A significant factor contributing to this decline is the growing trend of self-custody, the report noted. This means that more investors are opting to store their BTC in cold wallets, ensuring greater control over their assets.</p>
<p>With fewer bitcoins available on exchanges, liquidity diminishes, thereby making immediate sales less feasible. Such a pattern reflects a market dominated by long-term investors, who are increasingly inclined to hold onto their assets in anticipation of future price appreciation.</p>
<p>As a result, the market becomes more resilient, with reduced susceptibility to sudden panic-induced sell-offs.</p>
<p>Meanwhile, long-term holders have increased their supply by 262,000 BTC in the past 30 days. As per CryptoQuant’s <a href="https://t.me/cryptoquant_official/2613" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>, this cohort of bitcoin holders is now controlling 14.82 million BTC, or 75% of the total supply. This growing dominance indicates a strong conviction among investors, who are holding onto their assets despite negative market conditions.</p>
<h2 id="a-buying-opportunity-for-bitcoin-investors">A Buying Opportunity for Bitcoin Investors</h2>
<p>The current hash price, which reflects miner profitability, has dropped to its lowest levels, as revealed by the on-chain analytic platform’s other <a href="https://cryptoquant.com/insights/quicktake/66d13b70008db53fc0cd12a2-Lowest-Bitcoin-Hash-Price-Indicating-the-Buy-Opportunity?" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">analysis</a>. Historically, such periods have coincided with bitcoin price bottoms, suggesting that the current low hash price might indicate that the crypto asset is near the bottom as well.</p>
<p>This could present a strategic buy opportunity for investors, further reinforcing the potential for a much-needed market rebound.</p>
<p>The post <a href="https://cryptopotato.com/bitcoins-60k-battle-continues-but-low-exchange-reserves-offer-hope-for-bulls/" rel="noopener noreferrer nofollow">Bitcoin’s $60K Battle Continues But Low Exchange Reserves Offer Hope for Bulls</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin’s $60K Battle Continues But Low Exchange Reserves Offer Hope for Bulls

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