Bitcoin Magazine The Amount of Bitcoin on Exchanges Is Shrinking. Is a Rally Imminent?
Bitcoin’s price could be due a move upwards as the supply of the leading cryptocurrency on exchanges shrinks.
That’s according to a researcher at data firm CryptoQuant, who wrote in a Monday report that bitcoin on exchanges has dropped to 2.67 million from 2.8 million since February.
The price of bitcoin was recently $83,485, unmoved over a 24-hour period but up 8% over the past 30 days after having its best quarter in years. Its surge in August and September has led a number of analysts to declare the bear market is over.
“If buying demand continues to improve while exchange supply remains low, BTC could benefit from a supply-demand imbalance, creating favorable conditions for a longer-term upward trend,” the report by on-chain researcher Rei Researcher read.
Source: Bitcoin Magazine
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