The last time major trading firms had such low Bitcoin reserves, the price of the dominant cryptocurrency surged from $3,150 to $14,000.
Market data indicates a growing number of investors are moving their Bitcoin holdings out of exchanges.
Top crypto exchanges record 1-year low Bitcoin reserves.
In the first quarter of last year, the price of Bitcoin ranged between $3,150 to $4,500 for nearly four months.
At $9,500, Bitcoin is seeing the same BTC inflow volume into exchanges seen in early 2019.
Fewer traders are depositing Bitcoin to trading platforms, which shows investors have no interest in risking their BTC to sell in the $9,500 to $10,000 range.
Macro indicators like the golden cross and the Puell Multiple show Bitcoin is on the verge of a major bull run as seen at the start of 2019.
The ongoing rally of Bitcoin is fundamentally and structurally different from previous rallies seen in the last two years.
This time around, there are a significantly higher number of retail investors and institutions leading the upsurge of Bitcoin rather than investors in the futures market that trade with high leverage.
With a lower risk of a major long squeeze, long-term macro indicators hinting at a major uptrend in the coming months are considered a positive factor for the medium-term price trend of Bitcoin.
The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000
Udgivet den May 28, 2020
by Cointele | Udgivet den Coinage
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