Bitcoin

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<ul>
 <li>The world’s largest cryptocurrency, Bitcoin (BTC), has gained 3% in the last 24 hours, trading above $38,000.</li>
 <li>According to on-chain platform Santiment, the movement of Bitcoin supply to self-custody continues, reflecting a decline in the reputation of exchanges.</li>
 <li>At the same time, the top 10 Tether exchange wallets currently hold $15.23 billion, indicating the highest buying power for exchanges in 17 months.</li>
</ul>
<p><strong>While the Bitcoin price continues to strengthen above $38,000, reserves on exchanges have fallen to a 5-year low.</strong></p>
<h2 id="strong-bitcoin-price-rises-as-exchange-reserves-decline-strong"><strong>Bitcoin Price Rises as Exchange Reserves Decline</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126552" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>The world’s largest cryptocurrency, Bitcoin (BTC), has gained 3% in the last 24 hours, trading above $38,000. This extends BTC’s weekly gains to almost 4.5%. On-chain data shows that many Bitcoins are being withdrawn from exchanges, which could serve as a future bull catalyst.</p>
<p>Reports indicate that Bitcoin exchange supply has reached its lowest level since 2017. According to on-chain platform Santiment, the movement of Bitcoin supply to self-custody continues, reflecting a decline in the reputation of exchanges. Last week, Binance faced a major $4.3 billion settlement, while Coinbase received a call from the CFTC due to its relationship with the derivative trading platform Bybit.</p>
<p>At the same time, the top 10 Tether exchange wallets currently hold $15.23 billion, indicating the highest buying power for exchanges in 17 months. A notable development is that Bitcoin showed positive performance, demonstrating significant resistance throughout November, especially aligning quickly with the stock market in recent weeks.</p>
<p>Analysts observe that if Bitcoin forms an independent upward trend without synchronous movement with the stock market, it could signal a significant deviation from the established correlation between the two sectors. Historically, such a deviation has often signaled the beginning of a bull trend in the cryptocurrency market.</p>
<h2 id="strong-btc-price-movement-strong"><strong>BTC Price Movement</strong></h2>
<p>Bitcoin (BTC) has risen above $38,000, maintaining a bullish stance among traders. This happened despite the lack of approval for the spot BTC Exchange-Traded Fund (ETF) and recent regulatory actions against cryptocurrency exchanges such as Binance and Kraken.</p>
<p>Current data shows a change in price dynamics; Bitcoin dropped below $36,715 on Monday, then experienced a bullish reversal, rising to $38,315 before facing resistance from bears. After regular rejections at high levels, the token is currently finding support around $37,900, establishing new support levels.</p>
<p>A strong recovery could lead to a significant upward movement in BTC prices, potentially surpassing $39,000 for a short period. However, there is concern about a significant bearish move that could potentially surpass the critical support zone around $35,600. Amidst these market fluctuations, the creator of the stock-to-flow model, PlanB, claimed that Bitcoin’s price is unlikely to fall below $35,000 again.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/while-bitcoin-price-strengthens-above-38000-exchange-reserves-hit-5-year-lows/">While Bitcoin Price Strengthens Above $38,000, Exchange Reserves Hit 5-Year Lows!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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While Bitcoin Price Strengthens Above $38,000, Exchange Reserves Hit 5-Year Lows!

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