Bitcoin Exchange Reserves Decline Again
- Declining Reserves Trend: CryptoQuant analyst Amr Taha reported that since February, major exchanges Binance, OKX, and Gemini have seen a decline of nearly 100,000 BTC in reserves, equating to over $8 billion, indicating tightening market supply.
- Exchange Reserve Changes: As of May 7, Binance's reserves fell to about 620,000 BTC from nearly 670,000 BTC on February 21, while OKX and Gemini also dropped to approximately 102,000 BTC and 95,000 BTC respectively, suggesting potential impacts on market liquidity.
- Market Supply-Demand Dynamics: Despite the decrease in exchange reserves, the market has experienced volatility, with whales sending some Bitcoin to exchanges during rebounds, while long-term holders added about 354,000 BTC, creating a complex supply-demand relationship.
- Price Support Range: Analysts noted that whale realized prices between $66,000 and $70,600 have formed a support zone, and the recent rebound suggests large holders are defending their break-even range; if Bitcoin remains above this level, the market may sustain a local bottom structure.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 66900.763 | 70919.141 | 74813.243 | 78831.621 | 82725.723 | 86744.101 | 90638.203 |
| Fibonacci | 70919.141 | 73941.709 | 75809.054 | 78831.621 | 81854.189 | 83721.534 | 86744.101 |
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