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Bitcoin price remained in a consolidation phase even as the amount held on exchanges continued to decline. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) was seen trading at $62,540 on Oct. 8, slightly below this week’s high of $64,500. It remains in a correction after falling 15% from its highest point this year. 
Bitcoin still has some potential catalysts that could push its price higher in the coming months. Data from <a href="https://www.coinglass.com/Balance" target="_blank" rel="nofollow">CoinGlass</a> shows that Bitcoin reserves on exchanges have continued to fall, reaching a year-to-date low of 2.34 million. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2723" height="770" src="https://crypto.news/app/uploads/2024/10/Bitcoin-Balances.jpeg" alt="Bitcoin balances in exchanges" class="wp-image-14302269">
 <figcaption class="wp-element-caption">
 Bitcoin balances on exchanges | Source: <a href="https://www.coinglass.com/Balance" target="_blank" rel="nofollow">CoinGlass</a>
 </figcaption>
</figure> 
It is estimated that Bitcoins worth over $31 billion have been removed from exchanges since February. Most of these coins have moved to self-custody wallets, while others have been transferred to exchange-traded funds. 
Flows from exchanges to wallets are often a sign that most holders are bullish. Some prominent companies, such as MicroStrategy, Marathon Digital, Block, and Tesla, are among the most bullish in the industry. 
MicroStrategy has <a href="https://crypto.news/microstrategy-buys-bitcoin-worth-458m-total-holdings-hit-252220-btc/" target="_blank">accumulated over 252,000</a> worth of Bitcoins while Marathon holds 26,842 coins. Tesla and Block, formerly known as Square, hold 9,720 and 8,211 coins, respectively. 
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Additional data from <a href="https://app.nansen.ai/smart-money" target="_blank" rel="nofollow">Nansen</a> shows that smart money holdings of stablecoins have dropped to their lowest level in years. 
The figure peaked at 38.5% in May 2022 when Terra collapsed and rebounded to 35.7% in November of the same year after FTX collapsed. It has been in a strong downtrend since then, suggesting that smart money is mostly bullish on cryptocurrencies. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2393" height="738" src="https://crypto.news/app/uploads/2024/10/Stablecoin-Holdings.jpeg" alt="Stablecoin holdings" class="wp-image-14302268">
 <figcaption class="wp-element-caption">
 Stablecoin holdings by smart money | Source: <a href="https://app.nansen.ai/smart-money" target="_blank" rel="nofollow">Nansen</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="bitcoin-has-found-support-at-the-200-ema">Bitcoin has found support at the 200 EMA</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Bitcoin-Price-2.png" alt="Bitcoin price" class="wp-image-14302267">
 <figcaption class="wp-element-caption">
 Bitcoin price chart by <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
On the daily chart, Bitcoin has remained within the descending black channel that connects the highest and lowest swings since March. This channel can be viewed as a falling broadening wedge, a popular bullish sign. 
It has also found support at the 200-day Exponential Moving Average, which is a positive sign. However, Bitcoin has formed a small evening star candlestick pattern, characterized by a small red body and a long upper shadow. 
Therefore, Bitcoin will need to rise above the upper side of the shadow pattern at $64,500. After that, bulls will need to push it above the descending trendline and then the all-time high of $73,800 to continue the uptrend. 
The alternative scenario is where Bitcoin drops below the 200-day EMA at $60,000. If this happens, it will increase the chances of a drop to the lower side of the wedge at $52,000. 
 You might also like: <a rel="" href="https://crypto.news/bitcoin-price-could-retest-all-time-high-soon-analyst-predicts/"> Bitcoin price could retest all-time high soon; analyst predicts </a>

Bitcoin price stuck in a range as balances on exchanges plunge

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