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Exchange Reserve Volumes Continue to Plummet
Outflows from exchanges to personal wallets for safekeeping continue to be on the rise. Bitcoin exchange reserve volumes have seen decreasing numbers following the price crash from the all-time high, and the number has continued to go down. More coins leaving the exchanges than coming in shows that there is currently no selling pressure. Thus, accumulation is the order of the day as investors try to get their hands on as many coins as they can.
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Bitcoin Continues To Move Forward
Bitcoin continues to see favorable outlooks despite the price taking hits in the market. Following El Salvador’s lead, as they make BTC a legal tender, Uruguay recently to also make the cryptocurrency legal tender in the country. Megabanks JP Morgan and Wells Fargo have both announced that their high-net-worth clients would have access to investment options that would provide them exposure to the crypto market. Hopefully leading to the opening of these investment options to the rest of the general public.BTC price close to testing $41K resistance point | Source:Market analysts continue to see bullish movements in the price of the asset. With on-chain data analysis showing that daily transaction volumes are up following the recent price rally. With so many bullish indicators, it is no stretch to think that the rally might just be beginning. Bitcoin still may be able to break $50K before the year runs out if these indicators are anything to go by.
Featured image from Flickr, chart from TradingView.com