Bitcoin (Bitcoin) The latest data shows that the price available on the exchange is about to fall to the lowest level ever.
As famous According to Ki Young Ju, CEO of the on-chain analytics platform CryptoQuant, foreign exchange reserves have returned to their historical lows in early May.
Is it time for another Bitcoin “seller liquidity crisis”?
As of Thursday, the latest date when data is available, 2.399 million BTC is available for major transactions. The May low was 2.390 million.
As a result, Bitcoin traders reversed the deposit trend that occurred during the price turmoil in mid-May, indicating a clear return to investment-centric rather than speculative-centric mentality.
“Want to see another seller liquidity crisis regarding Bitcoin,” Ki added in the comments.
This kind of crisis or “supply squeeze” has taken shape Common narrative In recent weeks, it has been strengthened by healthy buying of excess liquidity caused by the fall in prices on Tuesday.
Not just retail-derivatives platforms also saw a large number of withdrawals of BTC this week, and the overall liquidity of BTC supply is getting lower and lower.
data Colleagues from the on-chain analytics company Glassnode confirmed that last Friday, the supply segment reached a three-year low, and the last time this segment moved was one to two years ago.
Therefore, the person who last transferred BTC to an address between September 2019 and September 2020 will not use their assets.
Bitcoin support level shows a reserve price of $43,000
At the time of writing this article on Friday, the trading price of BTC/USD continued to be below $46,000.
In his recent YouTube updates, Cointelegraph writer Michaël van de Poppe denies any idea that Bitcoin is entering a bear market, and nearby levels may provide support.
These are $45,700, and if it fails, it should give way to between $43,000 and $44,000.
“On the bright side, we also know that $46,700 is still a very important resistance level,” he added.
“If this situation breaks down, I think there is a great chance that we will break through $47,500 and climb all the way to $50,000. This will bring strength to the altcoin market because altcoins will follow.”