The latest data shows that Bitcoin (BTC) available on exchanges is on the cusp of reaching all-time lows.
as pointed By Ki Young Joo, CEO of on-chain analytics platform CryptoQuant, exchange reserves returned to an all-time low in early May.
Time for another sell-side liquidity crunch in Bitcoin?
As of Thursday, the last date for which numbers are available, there were 2.399 million BTC available across major exchanges. The lowest level in May reached 2.390 million.
Thus bitcoin traders reversed the deposit trend that followed during the mid-May price turmoil, signaling a clear return to an investment-focused – not speculative-focused mindset.
“Hopefully we will see another sell-side liquidity crunch on Bitcoin,” Key added in the comments.
Such a crunch, or “supply pressure,” has been a common narrative in recent weeks, bolstered by the healthy buying of excess liquidity from Tuesday’s price plunge.
It’s not just retail – derivatives rigs have also seen significant BTC withdrawals this week, while the overall supply of BTC has become less mobile.
data On-chain analytics firm Glassnode confirmed that the supply division, which last moved one to two years ago, on Friday hit its lowest level in three years.
Thus, those who moved BTC to an address between September 2019 and September 2020, do not touch their holdings.
Bitcoin support levels point to a minimum of $43,000
The BTC/USD pair has continued to trade below $46,000 at the time of writing on Friday.
Related: Bitcoin Price Risks Losing Weekly Uptrend As NFT Launch Sends Tezos (XTZ) to 3-Month Highs
In his latest YouTube update, Cointelegraph contributor Michael van de Poppe denied any notion of Bitcoin entering a bear market, with close levels providing support.
That’s $45,700, which should make room for between $43,000 and $44,000 if you fail.
“On the upside, we also know that $46,700 remains a very important resistance level,” he added.
“If that breaks, I think the chances of a breakout of $47,500 all the way towards $50,000 is big, and that will boost the altcoin markets as altcoins will follow suit.”
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