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Bullish? Bitcoin on exchanges drops to lowest in 6 years

Bullish? Bitcoin on exchanges drops to lowest in 6 years

Amid an exceptionally bullish period for the majority of assets in the cryptocurrency sector, Bitcoin (BTC) is performing particularly well, as it has already surpassed a price mark at $52,000, and its amount on crypto exchanges suggest more gains in the future.

As it happens, the amount of Bitcoin held in crypto wallets on known digital asset exchanges has dropped to its lowest level in six years, according to the recent information shared by renowned crypto trading analyst Ali Martinez in an X post published on February 14.

Specifically, as per the chart patterns analyzed by the crypto expert, this amount stood at just 2.34 million BTC on February 13, dropping significantly over the last week and suggesting a “growing trend of investors moving their BTC off exchanges, potentially indicating a shift toward long-term holding.”

Bitcoin on known exchanges. Source: Ali Martinez

On the other hand, Martinez also earlier warned that a technical analysis (TA) indicator that has often reliably suggested a trend change – the TD Sequential – has flashed a strong sell signal on Bitcoin’s daily chart, suggesting a possible decline for the price of Bitcoin awaits, as Finbold reported. 

Bitcoin price analysis

Meanwhile, the price of the largest asset in the crypto sector by market capitalization at press time stood at $52,282, indicating an increase of 1.3% in the last 24 hours, in addition to gaining 16.69% across the previous seven days, and advancing 22.03% on its monthly chart, as per data on February 15.

Bitcoin 7-day price chart. Source: Finbold

All things considered, Bitcoin seems to be on an unstoppable rally upwards. However, one should do their own due diligence and examine all other factors, as well as weigh the risks, before making a final decision on investing a larger amount of money in it, as things in this sector could change unexpectedly.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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