While Bitcoin is increasing around $ 100,000, on-chain data reveals a change in investor behavior. We give you all the details in the following paragraphs!
In short
- Bitcoin reaches $ 97,000 while the deposits on exchanges drop to a record level.
- Technical and macroeconomic indicators suggest a high probability of rising to a new ATH.
Historical fall in bitcoin deposits on crypto exchanges
According to a cryptocurrency analyst, the number of BTC addresses sending funds to crypto exchange platforms fell to his Lower level since 2017. This decrease suggests a clear desire for holders to keep their bitcoin. Perhaps they anticipate a high short-term increase!
Decryption: Bitcoin holders seem to refuse to sell, preferring to bet on a future appreciation.
The evolution of the economic cycle and the expected decisions of the Fed could accentuate this trend. A decrease in interest rates (as speculating certain Crypto analysts speculate) would indeed promote risky assets such as BTC. And not only! This would also reduce the yields of traditional fixed income products. This would push more investments to cryptocurrencies.
Bitcoin: a bullish signal confirmed by technical analysis?
The BTC course recently crossed the $ 97,000 mark. He has therefore reached his highest level since February. According to Ali Martinez, the next crucial threshold is at $ 97,530. Net crossing would strengthen the dynamic towards a new ATHthe last being at $ 108,786.
For his part, Titan of Crypto Stresses that Bitcoin displays a strong upward monthly candle. He argues that the flagship crypto evolves above several technical indicators of the Ichimoku cloud. These signals support a favorable perspective for the coming weeks. Analyst Burak Kesmeci even evokes a target of $ 124,000, based on the model of the golden number.
Faced with this dynamic, the cryptographic market anticipates a progressive rise. The latter would be fed by:
- the drop in inflation;
- A return of liquidity in the financial markets.
The potential Bitcoin yield becomes attractive for Crypto investors.
The combination of on-chain signals, techniques and macroeconomics creates a fertile land for a new flight of bitcoin. The next few days are crucial to confirm this trend!
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