Bitcoin (BTC) price has rebounded above the $37,500 mark on Friday as markets recovered from the shock leadership upheaval at Binance. On-chain analysis explores how the BTC price rebound could evolve into a prolonged price rally.
BTC price is back on an upward trajectory, shaking off the initial bearish reaction to the shock ouster of Binance founder Changpeng Zhao. Vital on-chain movements suggest the recent market shake-up could drive Bitcoin’s price to a new 2023 peak.
Investors Have Moved BTC Worth $300 Million From Market Supply
Bitcoin price wobbled to a weekly low of $35,800 as markets surrendered to a wave of fear, uncertainty, and doubt (FUD) in the wake of CZ’s exit on Wednesday. However, the pioneer cryptocurrency has since rebounded 6% to reclaim $37,800 by Thursday.
Away from the sensational media headlines, recent on-chain data trends show that BTC investors have started making strategic bullish moves.CryptoQuant’s exchange reserves charts show that investors shifted 8,606 BTC into long-term storage since the news broke on Wednesday.
The chart below shows the total Bitcoin deposits across crypto exchanges, which stood at 2,039,470 BTC as of November 20. But investors have since moved 8,606 BTC off exchanges, bringing the total market supply down to 2,030,864 BTC.
Exchange reserve is an on-chain metric that tracks the total supply currently deposited in exchange-hosted BTC wallets. Logically, a decline in exchange supply implies a drop in the number of coins readily available to be traded on the markets.
With Bitcoin’s price currently hovering around $37,500, the 8,606 BTC removed from exchanges is worth approximately $322 million. As market demand steadied, this has put upward pressure on Bitcoin price.
Notably,
Go to Source to See Full Article
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
