19:34BOTTOM THINGS: BITCOIN EXCHANGE RESERVES FALL TO DECEMBER 2018 LOW
Bitcoin price is down nearly $10,000 from its 2021 high, but thus far support at $30,000 has held strong. As analysts search for a sign that the bottom of the current correction is in, one important fundamental factor matches up almost perfectly with the December 2018 bear market bottom.
Is this the end of the correction and the uptrend will soon resume? Here’s what you need to know.
BITCOIN ON EXCHANGES FALLS TO LOWEST POINT SINCE DECEMBER 2018
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Thus far, buying dips hasn’t resulted in the upside bounce eager bulls are hoping for, but support at $30,000 has been unbreakable.
btc on exchanges
OTC deals could be behind Bitcoin's recent buoyancy | Source: Crypto Quant
IS THE BOTTOM IN FOR THE CURRENT CRYPTO MARKET CORRECTION?
Ju also says that this is a bullish signal, and could mean that institutional investors are buying the dip.
Taking such a large chunk out of what’s available to buy on exchanges that are already experiencing struggles and a shortage of coins, could result in more mark up soon enough.
If large-size buyers continue to swallow up what little BTC exists on exchanges, eventually the supply miners and whales are dumping will run dry.
However, just as it has in the past at both $6,000 and $10,000, what seems like unbreakable support can ultimately give in. Past instances have led to significantly more downside when support does fail, making the next move in the cryptocurrency market especially crucial.
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