Bitcoin’s (BTC) price has consolidated around the $29,500 support level after the Aug 10 CPI report showed a mild 0.2% inflation increase. On-chain analysis explores whether crypto investors will HODL for a $32,000 retest or book profits in the coming days. 

On August 10, the US Bureau of Labour and Statistics published the CPI report for July 2023, showing a mild increase in inflation. Though the inflation report matched market expectations, the initial investor reactions saw the BTC price drop slightly toward $29,300. 

On-chain data suggests that Bitcoin bulls are making efforts behind the scenes to trigger an early price rebound. 

Bitcoin Investors Have Moved Another 6,000 Coins Off Exchanges After CPI Report

According to on-chain data, Bitcoin investors responded to the August 10 CPI report by moving 5,949 BTC worth approximately $175 million off exchanges. 

CryptoQuant’s Exchange Reserves chart below reveals that this brings total withdrawals in August to 19,837 BTC, worth a staggering $585 million.

Exchange Reserves track real-time changes in the total Bitcoin balances that investors have deposited into crypto exchanges globally. A persistent drop in Exchange Reserves means investors are looking to HODL for future gains rather than seeking short-term selling opportunities. 

This signals that while

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details