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Bitcoin Price Eyes $70k Rally as Traders Move $5B into Long-term Storage appeared on www.fxempire.com by FX Empire.
This 82,209 BTC reduction, valued at approximately $5 billion at current prices, suggests a massive transfer of Bitcoin into cold storage. This movement reduces the short-term market supply, potentially fueling a bullish outlook.
Two key factors make this trend bullish for Bitcoin. First, it indicates that investors are preparing for a longer-term hold strategy, signaling confidence in future price increases. Second, the reduction in exchange reserves decreases the likelihood of immediate selling pressure, which could help sustain the price levels.
This downtrend in exchange reserves hints that rather than selling now, investors are opting to save their BTC long-term, anticipating bigger profits post the Fed rate cut in September.
BTC Price Prediction: $70k Breakout in September?
Bitcoin’s 4% retracement to $62,500 could be a temporary dip before Bitcoin resumes its upward momentum. The key technical indicators on the chart suggest a potential for further gains. The Keltner Channel (KC) analysis reveals that Bitcoin’s price is currently testing the upper boundary, indicating strong upward momentum. The Average Daily Range (ADR) stands at 1.12, reflecting moderate volatility, which could support a steady climb.
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This article originally appeared on www.fxempire.com by FX Empire – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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