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

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