{"id":355452,"date":"2021-10-20T16:24:49","date_gmt":"2021-10-20T13:24:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows\/"},"modified":"2021-10-20T16:24:49","modified_gmt":"2021-10-20T13:24:49","slug":"bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows\/","title":{"rendered":"# Bitcoin price eyes $65K breakout as BTC exchanges reserves fall to 2018-lows"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a253609932da\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a253609932da\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows\/#Demand_for_Bitcoin_grows_among_whales_and_fishes\" >Demand for Bitcoin grows among whales and fishes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows\/#BTC_price_macro_fundamentals\" >BTC price macro fundamentals<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price eyes $65K breakout as BTC exchanges reserves fall to 2018-lows <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin&#8217;s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges.<\/p>\n<p>According to data provided by CryptoQuant \u2014 a South Korea-based blockchain analytics service \u2014 the amount of Bitcoin held in exchanges&#8217; wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/7a548a69-a4ba-4a2d-80bb-e583429ecf1c.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin&#8217;s all exchange reserve. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>CryptoQuant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/overview\/btc-network-data\">noted<\/a> that the declining Bitcoin reserves showed the availability of fewer BTC tokens &#8220;for selling, altcoins purchasing, and margin trading.&#8221; Additionally, that also reflected traders&#8217; intention to &#8216;HODL&#8217; the cryptocurrency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Demand_for_Bitcoin_grows_among_whales_and_fishes\"><\/span>Demand for Bitcoin grows among whales and fishes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the other hand, the cryptocurrency&#8217;s demand <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have been increasing across retail and institutional traders, with the number of wallets holding more than $100 and $10 million worth of BTC reaching their record high of 16.67 million and 10,510, respectively.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/56228f98-1369-4fd3-ab0d-0dcf9e8e24e8.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin addresses with balance greater than $100 and $10 million. Source: Messari, CoinMetrics<\/em><\/figcaption><\/figure>\n<p>On-chain analyst Willy Woo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/woobull.com\/quantifying-supply-shock\/\">published a report<\/a> in August 2021 that discussed Bitcoin&#8217;s &#8220;supply shock&#8221; against its rising demand, concluding that the cryptocurrency&#8217;s per token worth should be at least $55,000.\u00a0<\/p>\n<p>The &#8220;conservative&#8221; target remained lower than pseudonymous analyst PlanB&#8217;s $135,000 price projection by the end of 2021, based on its stock-to-flow model.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"und\" dir=\"ltr\">$63K\u2705 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tj6SSwSzKR\">https:\/\/t.co\/tj6SSwSzKR<\/a><\/p>\n<p>\u2014 PlanB (@100trillionUSD) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1450455686110978052?ref_src=twsrc%5Etfw\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, PlanB&#8217;s Bitcoin price prediction for November 2021 sits around $98,000, above $70,000, the most preferred strike target for the options expiring on the 26th of the same month, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/4b6fad18-d1bf-44eb-becb-fae6f4f487df.jpg\"><figcaption style=\"text-align: center;\"><em>BTC Options OI by strike price (expiry Nov 26, 2021). Source: ByBt.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_macro_fundamentals\"><\/span>BTC price macro fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin&#8217;s bullish on-chain fundamentals are likely to see further strength from Wall Street adoption.\u00a0<\/p>\n<p>On Tuesday, ProShares became the first ETP firm to launch a Bitcoin Futures-based exchange-traded fund (ETF) on the New York Stock Exchange. In a milestone for Bitcoin investing opportunities, the listing opened a new road for institutional investors to gain exposure to BTC.<\/p>\n<p>For instance, Fundstrat\u00a0Global Advisors Co-Founder Tom Lee said he anticipated the Bitcoin ETFs to attract at least $50 billion in the coming twelve months, reasserting his team&#8217;s year-end $100,000 price target for BTC.<\/p>\n<p>Technically, Bitcoin appeared to be heading towards its record high near $65,000, now acting as a resistance level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/60664de0-10ea-4935-b548-6d75ee2e40d5.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD daily price chart featuring Fibonacci retracement levels. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>On the flip side, Bitcoin&#8217;s relative strength index (RSI), a momentum indicator that analyzes an asset&#8217;s overbought\/oversold signals, reported the cryptocurrency price as excessively high on the daily candle chart suggesting that a pullback is on the table.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Bitcoin sees its highest ever daily close as BTC\/Euro pair hits all-time highs<\/em><\/strong><\/p>\n<p>Should a correction happen, Bitcoin&#8217;s next support target could be near $57,500, which serves as the 78.6% Fib level of the Fibonacci retracement graph, drawn between the $65,000-swing high and the $30,000-swing low. <\/p>\n<p>The level also coincides with Bitcoin&#8217;s 20-day exponential moving average (the green wave in the chart above). The said level has earlier acted as strong support during Bitcoin&#8217;s uptrend.\u00a0<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-eyes-65k-breakout-as-btc-exchanges-reserves-fall-to-2018-lows\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price eyes $65K breakout as BTC exchanges reserves fall to 2018-lows &#8221; Bitcoin&#8217;s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant \u2014 a South Korea-based blockchain analytics service \u2014 the amount of Bitcoin held in exchanges&#8217; wallets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":355453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvMTZiYzc0YjgtM2JjNC00ZDI5LWI1MjUtZTkwZmNiMjQ5MTc2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,74982,75849,74939,75679,75150,75864,78261,73711,73785,71278],"class_list":["post-355452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-etf","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-supply","tag-tech-analysis","tag-investments","tag-markets","tag-nyse"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/355452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=355452"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/355452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/355453"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=355452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=355452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=355452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}