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Bitcoin price eyes $65K breakout as BTC exchange reserves fall to 2018 lows
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Bitcoin’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 — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ 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.
CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency.
On the other hand, the cryptocurrency’s demand appears to have been increasing across retail and
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