At the close of Good Friday, Bitcoin's price action was in the $69,000 area indicating low volatility, behavior that has been associated with the consolidation of a sideways and accumulation zone between $68,000 and $71,000, a price range in which Bitcoin is likely to be moving before the next upside momentum.
Now, the current dynamics of Bitcoin supply on cryptocurrency exchanges continues to tilt in favor of the bulls, a true fact that began to occur after the approval of Bitcoin ETFs, which has even been linked to the current bullish cycle that BTC is experiencing.
In this regard, "Withdrawal trends on Bitcoin exchanges are clear, as pent-up demand for spot ETFs combines with the upcoming halving to reduce the available supply of BTC."
An extremely relevant fact to note is that, "The trend shows no signs of slowing down. Glassnode shows that on March 27 alone, withdrawals totaled more than 22,000 BTC (USD 1.54 billion), the third highest daily count of 2024."
On the other hand it is important to consider the following, "After the next block grant halving event in mid-April, that ratio will increase even more, as the BTC supply expands by only 3.125 BTC per newly mined block"
I would like to know your appreciation on what is discussed here.
SOURCES CONSULTED
Cointelegraph. Bitcoin exchanges’ BTC balances have dropped almost $10B in 2024. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
