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

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. 

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 price9122.55
Today Daily Change7.61
Today Daily Change %0.08
Today daily open9114.94
 
Trends
Daily SMA209402.7
Daily SMA509398.37
Daily SMA1008398.16
Daily SMA2008327.25
 
Levels
Previous Daily High9188.95
Previous Daily Low8933.95
Previous Weekly High9786.22
Previous Weekly Low8988.56
Previous Monthly High10074.48
Previous Monthly Low8105.58
Daily Fibonacci 38.2%9091.54
Daily Fibonacci 61.8%9031.36
Daily Pivot Point S18969.61
Daily Pivot Point S28824.28
Daily Pivot Point S38714.61
Daily Pivot Point R19224.61
Daily Pivot Point R29334.28
Daily Pivot Point R39479.61

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
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