Bitcoin is currently in the process of attempting to surmount the heavy resistance that has been established within the upper-$6,000 region, with this ongoing uptrend marking an extension of the momentum that was incurred when BTC rebounded from lows of $6,600.<\/p>\n
This volatility would naturally lead one to anticipate a rise in activity amongst retail traders, but data suggests that many appear to be sidelined at the moment.<\/p>\n
Adding to this is the fact that investors are withdrawing Bitcoin from exchange wallets at a rapid pace, suggesting that investors may now be resorting to long-term investment strategies in lieu of short-term speculation.<\/p>\n
Bitcoin does appear to be trading at a long-term turning point<\/a>, with its reaction to the key support and resistance levels that lie directly above and below its current price potentially setting the tone for where it will trend in the year ahead.<\/p>\n Despite the benchmark cryptocurrency trading at a pivotal level, investors don\u2019t seem interested in trying to trade what could be imminent volatility, as BTC\u2019s open interest on Bitmex<\/a> has declined significantly from its multi-day highs.<\/p>\n Data from blockchain research and analytics platform Glassnode also elucidates that traders are now moving Bitcoin away from exchange wallets, which may indicate that they are transporting it to cold storage as part of a long-term holding strategy.<\/p>\n \u201cInvestors are withdrawing #Bitcoin from exchanges – potentially indicating a shift to longer-term holding strategies. BTC balances have fallen nearly 10% from the highs seen in January,\u201d they noted.<\/p><\/blockquote>\n Investors are withdrawing #Bitcoin<\/a> from exchanges – potentially indicating a shift to longer-term holding strategies.$BTC<\/a> balances have fallen nearly 10% from the highs seen in January.https:\/\/t.co\/mMVqCQmkax<\/a> pic.twitter.com\/wccnWnM4ka<\/a><\/p>\n — glassnode (@glassnode) April 14, 2020<\/a><\/p><\/blockquote>\n\n