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Bitcoin (BTC) has witnessed bearish tendencies lately, which saw it losing the $30K value area to hover at $29K. The leading cryptocurrency by market value lost the $29,870 support level, opening the path to the foothold of $27.5K.
While such price actions indicated weakness in Bitcoin, some on-chain metrics suggest an upcoming bullishness. Despite Bitcoin plummeting below $30K, players are moving BTC from exchanges into self-custody – a bullish signal.
Bitcoin exchange supply at 5-year lows
Santiment revealed that Bitcoin’s drop under $30,000 hasn’t catalyzed massive reactions that could suggest more upcoming price plunges or FUD. The asset’s supply on exchange plummeted to levels not witnessed since November 2018.
The on-chain analytic firm added that Bitcoin still hovers inside a familiar range between $28K and $31.8K. The value area has remained highly constricted, considering BTC’s substantial fluctuations from 2020 to 2022.
Nonetheless, market participants appear more optimistic about the current Bitcoin outlook, with bullish calls exceeding bearish ones. That indicates confidence among crypto investors despite the asset’s failure to sustain above the crucial support of $30K.
As seen here, Bitcoin continues to attract new players as fresh daily addresses increase. That’s a bullish indicator for the token as it indicates surged network usage and activity.
Bitcoin bulls gaining momentum
The leading crypto broke the 100 MA, descending triangle, and Ichimoku cloud. While Bitcoin currently retests levels beyond the Ichimoku, bulls are renewing their strength. Successful retests will welcome a bullish rally for BTC.
Cryptocurrency prices displayed minor upticks on Wednesday, with altcoins following Bitcoin’s actions. The top crypto gained 0.34% over the past 24 hours to $29,215.29. Ethereum surged 0.25% within that timeframe to $1,855.81.
The post Bitcoin (BTC) displays bullish signals as exchange supply hits 5-year low appeared first on Invezz.
