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Bitcoin Transaction Volume Hits a Monthly Low as Consolidation Continues
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blockchain.newsBitcoin’s momentum has dried up a bit since it retraced from the all-time high (ATH) price of $66,900 set on October 20. As a result, the leading cryptocurrency has found itself in a consolidation state based on low transaction volume.
Market insight provider Glassnode explained:
“Bitcoin transaction volume (7d MA) just reached a 1-month low of 128,266.846 BTC.”
Reportedly, this correction has been sparked by long-term holders taking profits.
On the other hand, a bullish signal is popping out, given that Bitcoin balances on exchanges have sunk to a three-year low. Glassnode added:
“Bitcoin balance held on exchanges has continued to decline this week. Balances have fallen to 2.474M $BTC, returning to levels last seen in Aug 2018. Since Feb
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