• Glassnode Alerts notes that BTC provide on exchanges has hit a three-month low.
• BTC has efficiently retested the 200-week shifting common line regardless of elevated provide on exchanges.
• On the time of writing, the market chief posted a 0.65% loss in 24 hours and was buying and selling at $26,540.60.

On-chain analytics platform Glassnode Alerts shared a few of the newest knowledge on cryptocurrency market chief Bitcoin (BTC) on Twitter earlier at the moment. In accordance with the publish, the BTC stability on the change hit a three-month low of two,281,978.198 BTC. This follows the earlier three-month low of two,282,204.204 BTC recorded on June 17, 2023.

When the BTC stability held by a cryptocurrency change hits a brand new low, it normally signifies {that a} vital variety of BTC holders have withdrawn their funds from the change and moved to self-custody options. This might additionally counsel that traders have elevated confidence within the cryptocurrency market leaders.

Given the SEC’s newest crackdown on a number of cryptocurrency exchanges over the previous week, it is no shock that BTC holders wish to transfer their BTC into their very own vaults. In the meantime, BTC is considered one of many cryptocurrencies which have suffered losses in buying and selling over the previous 24 hours, in accordance with Coinmarketcap.

After reaching a excessive of $26,651.49 and setting a 24-hour low of $26,374.90, the market chief was buying and selling at $26,540.60 on the time of writing after a 0.65% worth decline. Regardless of this small loss, BTC’s weekly efficiency remained inexperienced at his 2.88%.

Technical analyst CryptoCon additionally posted a tweet about main cryptocurrencies.and Tweet Launched yesterday, the analyst stated BTC’s bull market continues after a profitable retest of the 20-week shifting common.

The cryptocurrency worth briefly fell beneath the weekly technical indicators talked about within the analyst’s tweet. Nonetheless, CryptoCon has blamed the market manipulators for this non permanent decline and believes that BTC worth is simply at first of a medium-term optimistic pattern after regaining its place above the 20-week shifting common.

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