Bitcoin Pullback or Setup? On-Chain Metrics Hint at What’s Coming Next 📈
Bitcoin has recently seen a 9.3% price decrease, trading at $105,062, which is 8% below its all-time high. Despite the broader market volatility, on-chain indicators like accumulation by long-term holders, a spike in exchange withdrawals, and rising spot trading activity on Binance suggest potential for long-term growth.
CryptoQuant analyst Amr Taha highlights significant patterns, including Binance's increase in market share from 26% to 35%, suggesting renewed interest from traders. Long-term holders are showing confidence, indicated by increased Net Position Realized Cap, signaling the potential for future price expansion.
Additionally, major short-term Bitcoin withdrawals from exchanges like Kraken and Bitfinex, exceeding 20,000 BTC, may reflect investor shifts towards self-custody, hinting at strategic long-term holding. Altogether, these trends suggest foundational elements for Bitcoin's potential future growth.
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