Bitcoin Exchange Reserves Hit Six-Year Low as BTC Holders Shift Strategy While Price Reaches New Yearly High

According to crypto analyst Ali, the amount of Bitcoin held in known cryptocurrency exchange wallets has dropped to 2.34 million BTC – the lowest level seen in six years. This significant decrease suggests a growing trend of investors withdrawing their Bitcoin off exchanges, potentially indicating a shift toward long-term holding strategies.

“The amount of #Bitcoin held in known #crypto exchange wallets has dropped to its lowest level in six years, now totaling just 2.34 million $BTC!” Ali tweeted. “This significant decrease suggests a growing trend of investors moving their #BTC off exchanges, potentially indicating a shift toward long-term holding.”

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Bitcoin Halving 60 Days Away
In addition to declining supply on exchanges, crypto analyst Satoshi Flipper noted that the Bitcoin halving, which cuts Bitcoin issuance by half, is only 60 days away. Satoshi Flipper suggested that the Bitcoin halving will add even more price pressure.

“Only 60 days away. This will put even more pressure on price to go higher,” Satoshi Flipper tweeted.

Bitcoin Surges Past $51,000 to Hit New Yearly High
Crypto analyst Michaël van de Poppe noted that Bitcoin recently broke through the $51,000 level to set a new high since 2023. This breakout comes on the back of significant strength in the overall crypto markets. Bitcoin has been gaining momentum over the past several weeks and finally managed to eclipse the previous 1-year high under $51,000.

According to van de Poppe, Bitcoin is demonstrating more underlying power than he initially expected at this stage of the market cycle. Given the robust price action ahead of Bitcoin’s halving in May, he now believes Bitcoin could peak between $54,000 to $58,000 before that key event occurs.

“There’s more strength in the markets than I expected. Probably we’ll see $54-58K pre-halving as a potential peak,” van de Poppe tweeted.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.