← Go back Aug 08, 2023
Following an upward spike earlier this week on August 23, Bitcoin (BTC) has since retreated to around $26,000, evoking cautious market sentiment. data, however, brings optimism. exchange reserves are at a 6-year low, with only about 5.8% of the total supply there. This marks a low not seen since December 17, 2017. Noteworthy transactions, averaging 57.4K weekly, have been noted, suggesting investor confidence. Diminishing exchange reserves during market downturns indicates investors holding for potential profits. This trend might catalyze a price surge when positive macroeconomics align with improved market sentiment. After last week’s market crash, Bitcoin whales have accumulated over $300 million. Despite technical indicators showing vulnerability, with Bitcoin slipping below the 200-day moving average, its immediate support zone lies at $25,200-$24,800. A breach could lead to a further drop to $20,500. The regulatory crackdown on crypto firms in the US has dampened sentiment. SEC actions prompted Bitstamp to halt for US customers, adding to market uncertainties. Given this regulatory ambiguity, the market might face persistent pressure in the coming weeks until there is more regulatory clarity.
Read more: coinspress
