BTC price has been below $46,000 since noon. However, according to data shared by network analysts, Bitcoin may rise again. According to CryptoQuant’s analysis, the amount of Bitcoin available on exchanges has decreased significantly. This situation is expected to break the selling pressure.
Similarly, at the beginning of May, the amount of Bitcoin ( BTC ) on the exchanges decreased. According to the data released today, this figure was almost equal to May. Will Bitcoin ( BTC ), which has lost 11% in the last 7 days , rise again? Of course, the amount of assets on the exchanges alone does not affect the price. However, it is important for the decline to be balanced at some point, in the light of current data, expert analysts expect the support of $ 43,000 to work smoothly.
There are approximately 2,390 million Bitcoins on all exchanges. Ki Young Ju, CEO of CryptoQuant , says:
“ BTC supply on exchanges is about to break it’s previous low and we hope the selling pressure will ease at this point”.
According to these data, the main support level should work successfully. But Bitcoin ( BTC ) also likes to surprise everyone. That’s why it’s good to be careful.
Bitcoin (BTC) Highlights
There have been closings for hours below the 46.500 level, which is important for the uptrend. If $45,700 is not strongly defended, the price is expected to visit $44,000 and worst-case $43,000.
For the continuation of the upward movement, 46.500 level should become support again and closes above 46.700 should be made. This move, supported by volume, allows us to see $ 50,000 again. Moreover, this movement has a very positive effect on the altcoin markets. Currently, there are altcoins that are losing over 20%.
The sales of large wallets seem to have stopped, so it is possible that the price will rise again after the bottom it will find. Although the forecast for an uptrend for the coming weeks outweighs, the short-term expectation is for a bottom to reach the level of 43,000. Altcoin investors can suffer serious losses in this scenario, so you should closely monitor the strong support levels of the project you are investing in. The decrease to be experienced may offer serious opportunities, especially for altcoin investors in terms of cost reduction.
Of course, cryptocurrency markets are extremely volatile. Due to its risky nature, investors should take position decisions as a result of their own research. The articles shared on our website are for informational purposes only and are in no way investment advice.