Bitcoin crossed $70k for the first time since it became a tradeable asset. This took place a few hours ago, following its opening at $66,928. Although it saw a small price decline before the surge, it broke the resistance and peaked at $70,184. The chart shows that the apex coin experienced small price decreases following the new ATH. Nonetheless, it is recovering at the time of writing.
The latest move comes barely three days following its return to its previous ATH. After the milestone, BTC retraced and broke the $60k support. Due to this, it rebounded at $59,313. The candle shows that it failed to fully recover and lost more than 6% in the end. Afterwards, it tested the lost level two days later.
On-chain data are showing more increases in the coming days. It is worth noting that this data showed a gradual decrease in buying volume compared to the previous week. While this reduction is not alarming, it is worth noting that in the coming days, the apex coin will not see as much volatility as the previous seven-day session.
Bitcoin is Leaving Exchanges at an Alarming Rate
A few days ago, US OTC platforms ran out of Bitcoin. As per Glassnode, there were only forty remaining on these platforms. This means that demand is outweighing supply. This explains the current surges in price. It could also spill over into the coming days as more institutions are filing for BTC EFT.
A look at the exchange reserves furthers the previous claims. The chart below shows the decrease in reserves. The rule governing this metric is that a decrease in this storage will mean more price increases. This became more pronounced starting in March 2023 as seen in the chart. However, over the last seven days, these exchange holdings are gradually increasing.
Nonetheless, the assets leaving the trading platforms are higher than those returning to reserves. Over the last seven days, exchanges storages increased by 1.03% per Cryptoquant. On the other hand, those leaving these platforms increase by 1.38%.
Aside from data from trading platforms, Miners’ Position Index is another important metric. It is important to monitor this indicator as it shows if miners are dumping their bags. This could trigger a sudden price drop. As it stands, there are no indications of this happening. With these metrics, it is easy to conclude that the apex is going to continue upward.
In the coming days, BTC will try to gain stability above $70k. A closer look at what transpired over the last seven days presents a new resistance, $68k. Over this period, the coin tested the said mark three times. The latest was the previous intraday session when it retraced at the barrier.
Bitcoin must gain stability above the said mark before further attempts at other resistance. It is also noting that this will guarantee a retest of the $70k barrier after it fell. Nonetheless, in a bid to continue the uptrends, the apex coin may experience small downtrends. If this happens, it may fall back to the $64k support.
