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Breaking News: Amazon and Walmart Eye Launch of Their Own Crypto, Details

Fewer Bitcoin Sellers? Exchange Depositing Addresses Plunge To 8-Year Low In Bullish Sign

Ash Tiwari
by Ash Tiwari
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As Bitcoin (BTC) continues its climb toward the psychologically important $100,000 level, an increasing number of holders appear to be holding tightly to their coins rather than depositing them on exchanges. However, the top digital asset must still decisively overcome some key resistance levels before launching into a sustained bullish wave.

Bitcoin Depositing Addresses Plummet

In a CryptoQuant Quicktake post published today, on-chain analyst CryptoOnchain highlighted a significant drop in the number of BTC wallet addresses sending funds to centralized crypto exchanges.

Related Reading: Bitcoin Headed To $135,000? Analyst Uses Fibonacci Extension To Make the Case

According to the analyst, the number of BTC addresses making deposits to trading platforms is now at its lowest level since 2017. This steep decline suggests that fewer spot holders are looking to sell their Bitcoin, possibly anticipating a major price surge in the near term.

cq1
Source: CryptoQuant

Meanwhile, BTC crossed the $97,000 mark earlier today — its highest point since February 20. The flagship cryptocurrency has climbed 4.1% over the past week amid growing speculation around a potential rate cut by the US Federal Reserve.

A rate cut by the Fed is typically seen as bullish for risk-on assets such as Bitcoin, since lower interest rates lead to declining bond yields and prompt investors to seek higher returns through alternative assets like stocks and cryptocurrencies.

Crypto analyst Ali Martinez noted that the next major resistance level for BTC is around $97,530. Although BTC is currently trading slightly above $97,000, it remains to be seen whether this momentum will result in a confirmed breakout or merely a temporary bullish deviation.

ali
Source: ali_charts on X

A clear move above $97,500 would strengthen the case for a new all-time high (ATH) in the near term. For reference, Bitcoin’s current ATH of $108,786 was reached earlier this year on January 20.

Is The Worst Over For BTC?

In a separate post on X, crypto analyst Titan of Crypto argued that BTC’s local bottom for this cycle may already be in, referring to the price drop to $74,508 on April 6. At the time of writing, BTC is merely 11.3% below its ATH.

Related Reading: Bitcoin SOTT Indicator Flashes Green – Is A New ATH Imminent? Analyst Weighs In

The analyst highlighted Bitcoin’s “strong bullish monthly candle” and emphasized that BTC is now trading above several key Ichimoku Cloud indicators – including the Tenkan (red line), Kijun (blue line), and the Kumo Cloud – all of which support a bullish outlook.

titan
Source: Titan of Crypto on X

In a similar vein, analyst Burak Kesmeci recently projected that Bitcoin may reach $124,000, citing the Golden Ratio Multiplier model as a guiding metric. At press time, BTC trades at $007, up 3.3% in the past 24 hours.

bitcoin
BTC trades at $97,007 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, charts from CryptoQuant, X, and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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