Bitcoin (BTC) price grazed $38,000 last week, as the bulls extended the yearly peak by another 7%. On-chain data analysis examines how BTC price could react to the upcoming Consumer Price Index (CPI) data release.
Bitcoin price wobbled below $37,000 on Monday as markets anticipate the next US Inflation data. Will it trigger another Bitcoin price breakout?
Bitcoin Holders Deposited 30,000 BTC on Crypto Exchanges Over the Weekend.
Bitcoin price prospects hang in the balance this week as markets anticipate the official US inflation reports for October 2023. The US Bureau of Labor Statistics is scheduled to release the latest date on the US Inflation and Consumer Price Index (CPI) on Nov. 14.
Currently, the markets have priced in a consensus CPI figure of 307.81. With this slightly higher than the last month’s actual inflation of 307.79, Bitcoin investors have taken on a skittish disposition in the last few days.
In fact, many investors were spotted shifting million of dollars worth of BTC into exchange-hosted wallets over the weekend
CryptoQuant’s BTC exchange reserves data shows that Bitcoin exchange reserves stood at 2.01 million BTC when the price hit $38,000 last Thursday. But as of Nov. 13, it has increased to 2.04 million BTC deposited across different crypto trading platforms and exchanges.
This means BTC holders deposited 30,000 BTC into crypto exchanges over the weekend. Valued at the current BTC price of $36,700, the newly-deposited coins will dilute market supply by approximately $1.1 billion.
The exchange reserves metric depicted above tracks real-time changes in the number of Bitcoin
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Author: Ibrahim Ajibade
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