Bitcoin Price Prediction: BTC/USD is close to a strong move above $10,000 as the number of Bitcoin inside exchanges keeps dropping

Bitcoin slipped below $9,000 on June 27 but managed to recover on the same day and close above the level.
Bears got no continuation after a clear break of $9,000.
Recent reports show the number of Bitcoin inside exchanges is falling, not increasing.

Bitcoin is currently trading at $9,130 after a negative weekend. Bears managed to crack $9,000 and BTC/USD dropped as low as $8,800 on some exchanges. However, the move didn’t last long and bulls were able to buy the dip and recover above $9,100. Bitcoin is still in a daily downtrend but $9,000 has proved to be a strong support level.

The number of Bitcoin inside exchanges is dropping which is a remarkably positive sign

While this metric could indicate a lack of interest in Bitcoin, that is only the case when Bitcoin’s price drops significantly. Since the beginning of May, the price of Bitcoin has remained relatively stable between $9,000 and $10,000, however, the number of BTC inside exchanges has continued to drop.

This basically means that people are withdrawing their Bitcoin to hold it instead of selling it on exchanges.

#Bitcoin $BTC Balance on Exchanges just reached a 13-month low of 2,629,751.011 BTC

Previous 13-month low of 2,632,322.478 BTC was observed on 26 June 2020

View metric:https://t.co/9vOOAmwh32 pic.twitter.com/v3h453Kwm6
— glassnode alerts (@glassnodealerts) June 29, 2020

The recent report by Glassnode shows that Bitcoin has reached a 13-month low on exchanges at about 2,629,751 BTC. This number was above 2.9 million in March. The price of Bitcoin is basically the same as it was in March but the number of Bitcoin on exchanges has dropped tremendously. Although this metric is not enough to spark a bull run towards $10,000, it shows that investors are ready to hold and buy Bitcoin if it dips below $9,000.

BTC/USD technical levels

BTC/USD

Overview
Today last price	9122.55
Today Daily Change	7.61
Today Daily Change %	0.08
Today daily open	9114.94

Trends
Daily SMA20	9402.7
Daily SMA50	9398.37
Daily SMA100	8398.16
Daily SMA200	8327.25

Levels
Previous Daily High	9188.95
Previous Daily Low	8933.95
Previous Weekly High	9786.22
Previous Weekly Low	8988.56
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9091.54
Daily Fibonacci 61.8%	9031.36
Daily Pivot Point S1	8969.61
Daily Pivot Point S2	8824.28
Daily Pivot Point S3	8714.61
Daily Pivot Point R1	9224.61
Daily Pivot Point R2	9334.28
Daily Pivot Point R3	9479.61

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