Bitcoin Approaches $60K as Exchange Reserves Hit 2018 Lows
Bitcoin (BTC) is showing strong upward momentum as it nears the $60,000 mark, with prospects for further gains.
The cryptocurrency has risen over 6% in the past week and continues to climb, trading at approximately $59,256.11 with a market cap of $1.17 trillion.
Notably, historical patterns suggest BTC may be entering a significant growth phase. Analyst Titan of Crypto observed that Bitcoin has previously hit new highs following its third parabolic surge, which occurred in 2013, 2017, and 2021. BTC’s current position could signal the start of a similar advance.
#Bitcoin 3rd Parabolic Advance in Progress 📈🚀
The blueprint I shared last November is unfolding as planned.
Spread the word. pic.twitter.com/RJ0p0WN6iQ
— Titan of Crypto (@Washigorira) August 11, 2024
Recent data from CryptoQuant reveals that Bitcoin’s exchange reserves are at their lowest since 2018, indicating increased buying interest—a bullish sign.
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Although long-term holders are retaining their assets, as shown by a positive Binary CDD, there are concerns about profit-taking among investors, which could signal a market peak.
Technical indicators show mixed signals: the MACD suggests bullish momentum, while the Chaikin Money Flow is positive, signaling potential further gains. However, the Money Flow Index indicates a period of slower growth ahead.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
