2024

Bitcoin ETF

Bitcoin

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BTC price peaked at $52,858 on Feb. 15, bringing its monthly gains to 24.3%, an unusual trend in Bitcoin exchange flows suggests more dramatic action could follow.&nbsp; 
Bitcoin price has entered a new 2024 peak in the last four days, dating back to Feb. 12. 
<h2 class="wp-block-heading" id="investors-shifted-1-6-billion-in-bitcoin-into-long-term-storage">Investors shifted $1.6 billion in Bitcoin into long-term storage</h2> 
Thanks to heightened buying pressure from investors piling funds into the newly launched spot ETFs, Bitcoin has added over $200 billion to its market capitalization within the first half of February.&nbsp; 
However, looking beyond the flashy headlines and record-breaking <a href="https://crypto.news/bitcoin-etfs-inflows-crypto-market-cap/">fund inflows</a>, critical on-chain data trends suggest the rally may be far from over.&nbsp; 
CryptoQuant’s exchange reserves metric tracks real-time changes in the number of <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a> coins currently deposited on crypto exchanges and trading platforms.&nbsp; 
As depicted in the chart, Bitcoin exchange reserves stood at 2.1 million BTC on Jan. 25. But that figure has now declined by 31,255 BTC to hit just over 2 million BTC when writing on Feb. 15.&nbsp; 
Valued at the current price of $52,000, this implies that $1.6 billion worth of BTC has disappeared from exchanges as investors increasingly opt for long-term storage.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="944" src="https://crypto.news/app/uploads/2024/02/image-31.png" alt="Bitcoin (BTC) Price Exchange Reserves vs. Price " class="wp-image-14249119">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Price Exchange Reserves vs. Price | Source: <a href="https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener">CryptoQuant</a>
 </figcaption>
</figure> 
Essentially, such a massive decline in exchange reserves means a lot less supply of BTC is now available to be traded on exchanges. Albeit temporary, this often positively impacts short-term price action for several reasons.&nbsp; 
Firstly, it signals that most investors are angling for future gains rather than loading up their exchange wallets in hopes of exploring short-term selling opportunities at current peak prices.&nbsp; 
More importantly, the relative scarcity created by the dwindling market supply leads to an accelerated price upswing with every new wave of demand. With Bitcoin ETF sponsors on a buying spree, this bullish catalyst will likely drive BTC price toward the $60,000 milestone in the days ahead.&nbsp; 
<h2 class="wp-block-heading" id="forecast-can-bitcoin-price-reach-60-000">Forecast: Can Bitcoin price reach $60,000?&nbsp;</h2> 
In summary, the induced market scarcity from the decline of $1.6 billion exchange reserves puts the BTC price in a prime position for another leg-up toward $60,000. However, in the short term, the bullish traders face a major roadblock in the $55,500 area. 
IntoTheBlock’s in/out of the money (GIOM) data groups existing BTC holders according to their historical buy-in prices. It depicts that 462,640 addresses have acquired 228,000 BTC at the minimum price of $55,595. 
This cluster of holders could mount a roadblock if they book some profits as Bitcoin approaches its break-even price.&nbsp;&nbsp; 
However, if the bulls can stage a decisive breakout above that $55,500 resistance, a $60,000 retest could be on the cards as predicted. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="476" src="https://crypto.news/app/uploads/2024/02/image-30.png" alt="Bitcoin (BTC) Price Forecast, Feb.15 2024 " class="wp-image-14249118">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Price Forecast, Feb. 15 | Source: <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noreferrer noopener">IntoTheBlock</a>
 </figcaption>
</figure> 
On the downside, the bears could invalidate this bullish prediction if Bitcoin’s price dips below $45,000. However, as seen above, the 898,470 addresses that acquired 509,330 BTC at an average price of $46,400 could mount a support buy-wall.&nbsp; 
In a bearish reversal, frantic covering purchases from those investors could inadvertently trigger a rebound.&nbsp;

Bitcoin sees $1.6b disappears from exchanges; here’s what it means for BTC’s price

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