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How 39,000 Bitcoin re-entering exchanges impact its bull run
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Bitcoin is consolidating at a range above $55,000 since recovering from the 26 November slump. Over the past few days, there hasn’t been any form of structural break indicative of a bearish bias. But an interesting on-chain development is suggestive of a possible dire situation.
While Bitcoin remained at $56,460, the likelihood of a breakout is high, but surprisingly the direction is still uncertain. In this article, we will analyze the fundamental change and why it may or may not carry bearish implications.
Source: CryptoQuant
One fundamental bullish indicator relied upon since the beginning of the bull run last year is the declining supply of Bitcoin on exchanges. Since March 2020, a trend was beginning to set when investors were taking BTC
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