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. 

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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