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As bitcoin advances toward $100,000, on-chain data reveals a change in investor behavior. We deliver all the details in the following paragraphs!
In brief
- Bitcoin reaches $97,000 while deposits on exchanges drop to a record low.
- Technical and macroeconomic indicators suggest a high probability of a rise toward a new ATH.
Historic drop in bitcoin deposits on crypto exchanges
According to a CryptoQuant analyst, the number of BTC addresses sending funds to crypto exchange platforms has fallen to its lowest level since 2017. This decline suggests a clear intent from holders to keep their bitcoin. Perhaps they anticipate a strong short-term rise!
Decoding: bitcoin holders seem to refuse to sell, preferring to bet on future appreciation.
The evolution of the economic cycle and the expected decisions from the FED could strengthen this trend. A drop in interest rates (as speculated by some crypto analysts) would indeed favor risk assets like BTC. And not only that! It would also reduce the yields of traditional fixed-income products, pushing more investments toward cryptocurrencies.
Bitcoin: a bullish signal confirmed by technical analysis?
The BTC price recently crossed the $97,000 mark. It has thus reached its highest level since February. According to Ali Martinez, the next crucial threshold is at $97,530. A clean breakthrough would strengthen the momentum toward a new ATH, the last being at $108,786.
On his side, Titan of Crypto highlights that bitcoin shows a strong bullish monthly candle. He supports that the leading crypto is trading above several Ichimoku cloud technical indicators. These signals back a favorable outlook for the coming weeks. Analyst Burak Kesmeci even mentions a target of $124,000, based on the golden ratio model.
Faced with this momentum, the crypto market anticipates a gradual rise. This would be fueled by:
- a decrease in inflation;
- a return of liquidity to the financial markets.
The potential return on bitcoin thus becomes attractive again for crypto investors.
The combination of on-chain, technical, and macroeconomic signals creates a fertile ground for a new bitcoin surge. The coming days prove crucial to confirm this trend!
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
