Bitcoin Pullback:
– Bitcoin experienced a short-term pullback, dropping below $87,000 after reaching an all-time high of nearly $94,000. – However, it has recovered most of the losses and is currently above $91,000. – On-chain factors indicate that the rally still has potential to challenge the $100,000 level.
Reduced Exchange Reserves:
– Lower amounts of BTC on exchanges suggest reduced immediate sell pressure. – Investors are withdrawing their funds to cold storage devices, anticipating the continuation of the trend. – CryptoQuant data shows BTC reserves on exchanges at a six-year low of under 2.6 million.
Increased Buying Pressure:
– Reduced supply available for immediate sale creates buying pressure in a tight supply environment. – The market may see a trend towards Bitcoin’s appreciation, especially if demand remains stable or grows. Stablecoins on the Rise:
– Market liquidity has improved after Trump’s victory, suggesting more price gains for the crypto market.
– Stablecoins facilitate easy entry for investors to buy Bitcoin and altcoins. – CryptoQuant’s dashboard shows more than $3 billion in USDT entering crypto exchanges since the elections, the highest in three years.
