Bitcoin reserves on exchanges have dropped to 2.5 million BTC, marking a three-year low. This significant reduction suggests a potential supply shock, with increasing demand from institutional investors via ETFs.
Currently, Bitcoin trades over $97,000 after a 0.4% increase. Strong institutional interest reinforces a crucial support level above $95,000, suggesting a bullish outlook despite some concerns over ETF outflows.
If Bitcoin’s price falls below $95,000, it could lead to liquidations exceeding 1.52 billion USD in leveraged long positions. Nevertheless, future projections for Bitcoin remain optimistic, with estimates ranging from $160,000 to $180,000.
Leave a Reply