While Bitcoin (BTC) continues its climb towards The level of $ 100,000 psychologically significant, an increasing number of holders seem to hold their parts firmly rather than depositing them on exchanges. However, the best digital asset must still decisively overcome certain key resistance levels before embarking on a wave.
Bitcoin deposit addresses fall
In a cryptocurrency quicktake post published today, the Cryptonchain chain analyst highlighted a significant drop in the number of BTC portfolio addresses sending funds to centralized cryptographic exchanges.
According to the analyst, the number of BTC addresses making deposits on trading platforms has now been at its lowest level since 2017. This strong decline suggests that fewer points holders are looking to sell their bitcoin, perhaps anticipating a high short-term price increase.
Meanwhile, BTC has crossed the $ 97,000 bar earlier during the day – its highest point since February 20. The flagship cryptocurrency climbed 4.1% in last week in the middle of growth speculation around a potential rate reduced by the American federal reserve.
A rate reduced by the FED is generally considered optimistic for risky assets such as Bitcoin, because a drop in interest rates leads to a decrease in bond yields and encourage investors to seek higher yields thanks to alternative assets such as shares and cryptocurrencies.
Crypto analyst Ali Martinez noted that the next major level of resistance for BTC is around $ 97,530. Although BTC is currently negotiating a little more than $ 97,000, it remains to be seen if this momentum will result in a confirmed escape or simply a temporary optimistic deviation.
A clear move above $ 97,500 would strengthen the case for a new summit of all time (ATH) in the short term. For reference, the current Bitcoin ATH of $ 108,786 was reached earlier this year on January 20.
Is the worst for BTC?
In an article separated on X, the crypto crypto titan analyst argued that the local BTC background for this cycle could already be in, referring to the drop in prices at $ 74,508 on April 6. At the time of writing the BTC, BTC is only 11.3% below its ATH.
The analyst has highlighted Bitcoin's “strong monthly monthly candle” and stressed that BTC is now negotiated above several key indicators of the Cloud Ichimoku – including Tenkan (red line), Kijun (Blue Line) and the Kumo Cloud – which all support a bullish perspective.
In the same vein, analyst Burak Kesmeci recently planned that Bitcoin can Affect $ 124,000, citing the Multiplier Model of the Golden Ratio as a director metric. At the time of the press, BTC is negotiated at 007, or 3.3% in the last 24 hours.
Star image of Unsplash.com, cryptocurrency charts, x and tradingView.com
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