Bitcoin (BTC) price peaked at $64,000 in January 2024, an impressive 51% growth performance. Bitcoin investors significantly reduced market shares during the month, shifting an additional 50,000 BTC from exchanges and trading wallets. These market trends could accelerate the next increase to new highs above $70,000 by March 2024..

Bitcoin( BTC) price grazed the$ 64,000 area Feb 28 in early trading hours, following a new surge of demand for spot ETFs. still, serious chain signals suggest that the request rally for the leading cryptocurrency is far from over. In February, the price of bitcoin soared to major highs and highs in the cycle of high request instigation, delivering a whopping 51 increase. But despite sitting on huge earnings, data trends in the series suggest that BTC investors will be looking to hold for farther earnings in March 2024.

The Bitcoin price has been steadily rising since the ETF started racking up record inflows in early February. With demand for ETFs showing no signs of abating, other investors in the ecosystem have picked up on the signal to adjust their investment outlook for the longer term Cryptoquant’s BTC exchange reserves data captures real-time BTC reserves in wallets hosted on crypto trading platforms. It shows that while profits rose 51% in February, BTC holders were shifting money to long-term savings accounts. Bitcoin investors held a total of 2,083,818 million BTC in their trading wallets as of February 1 but by the end of the month that figure had rapidly declined to 2,038,022, the lowest since cryptoquants records began in 2021.

Effectively, this means that investors have moved more than 45,796 BTC worth about $2.8 billion off their trading platforms into cold storage and long-term funds. Investors point to that significant bullish signal, as the market supply of cryptocurrencies continues to decrease over the long term as seen in the Bitcoin markets throughout February 2024. First, this $2.8 trillion exchange rate deficit creates some market scarcity that puts additional pressure on prices if demand remains high.

But more importantly, as this comes at a time of market rallies, with investors sitting on more than 51% gains for the month, it shows an overwhelming belief among existing holders that the price of bitcoin will reach $70,000 on March 2024; will continue into the 000-zone Additionally, while the current price of BTC is worth $41,000, last week’s withdrawal was worth about $4.1 billion. If market demand remains weak, stronger trading pressures could rapidly push the price of BTC below $40,000.

BTC Price Prediction: Breaking $65,000 is the next challenge From a sequential perspective, the $2,8 billion decline in BTC market capitalization in February, put the BTC price in a position to expect a massive explosion to an all-time high above $70,000 on However, IntoTheBlock’s In/Out of the Money Around Price data confirms that BTC faces significant resistance in the $65,000 region.

The chart above shows that 110,980 existing addresses contributed 19,800 BTC to their account for a maximum value of $64,466. If the bulls can break through that sell-off, the Bitcoin price will likely enter a rapid increase above $70,000 as predicted. On the downside, bitcoin bears could regain control of the market if the price of bitcoin falls below the main support of $58.,000.

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