According to the latest data, BTC’s total amount in exchange reserves declined from 2.8 million Bitcoin. The decline started in October 2019 and reached 2.4 million. If we believe to analysts, this steady fall will weigh on traders and whales to accumulate BTC. The reason for it is that traders expect prices to increase in the future.
On September 29, Bitcoin price increased by 0.8% and settled at $10,738.47, while ETH and XRP boosted 0.81% and 0.67%, respectively.
Bitcoin reached its lifetime high in 2017, and according to today’s data, BTC is still far below. If it manages to close Q3 2020 over $10,590, that would be the second-best close in any quarter. Moreover, Skew’s data indicates this would only be behind the Q4 2017 closing price at $13,660.
Investments currently hold 449,900 Bitcoin
According to Bybit, Grayscale Investments currently hold 449,900 Bitcoin, which is above 2% of BTC’s maximum possible supply.
Bitcoin has been floating around $10,732, the 20-day exponential moving average during the previous days. On Tuesday, September 29, bulls had attempted to break away; however, they could not sustain the higher levels.
The bears have not capitalized on the weakness and sink the price below the $10,500 support. That shows indecision among the bulls and the bears about the next directional move.
The flat 20-day EMA and the relative strength index hints a balance among supply and demand. It isn’t easy to forecast the direction of the next breakout from this range.
However, sometimes, the movement of the RSI can provide some suggestions. If the RSI increases over the symmetrical triangle and the 55 levels, it raises the chance that the bulls may try a breakout of $11,178.
Moreover, the BTC pair can recover to $12,000 and then $12,460. Conversely, if the bears sink the price under $10,500 and the uptrend line, a fall to $9,835 is expected.
