BTC Balances on Exchanges hit New Record Low since 2018
BTC balances on exchanges has hit a new record low since November 6th, 2018, according to OnChainCollege on Twitter.
A little over 2,500,000 BTC is left on exchanges, opinions differ on the exact meaning. If BTC balances on exchanges lower in a bullish environment, it means there's fewer supply available on exchanges to match the increase in demand.
This time, in a bearish environment with relative less demand, it could mean that exchanges do not need to buy new BTC from miners to match a high demand. There's a noticeable slight increase in BTC that is not moving:
A new model that came out this year named the Confluence Floor Model, indicates that Bitcoin will not fall below $26,769.
According to PlanC, the creator of this model, the BTC price has touched the model’s bottom only three times in history, and these “were the 3 best times to buy over the last 10 years”.
He arrived to the model by taking cycli bottoms and calculating the moving average.
What makes the model/indicator so interesting is its 100% accuracy and 3 times hitrate: Confluence Floor Model on Twitter.
A great one-picture summary for easy and visual interpretation of this model can be found here: Confluence Floor Model
With BTC reaching technical price resistance at around $44-45k it seems plausible to say that the odds for BTC are still on the bearish side.
While BTC.D is ranging in a bearish setup as well, altcoins could have a momentary altcoinseason. Looking at TOTAL2, the cumulative market of all altcoins is witnessing a breakout:
A little over 2,500,000 BTC is left on exchanges, opinions differ on the exact meaning. If BTC balances on exchanges lower in a bullish environment, it means there's fewer supply available on exchanges to match the increase in demand.
This time, in a bearish environment with relative less demand, it could mean that exchanges do not need to buy new BTC from miners to match a high demand. There's a noticeable slight increase in BTC that is not moving:
A new model that came out this year named the Confluence Floor Model, indicates that Bitcoin will not fall below $26,769.
According to PlanC, the creator of this model, the BTC price has touched the model’s bottom only three times in history, and these “were the 3 best times to buy over the last 10 years”.
He arrived to the model by taking cycli bottoms and calculating the moving average.
What makes the model/indicator so interesting is its 100% accuracy and 3 times hitrate: Confluence Floor Model on Twitter.
A great one-picture summary for easy and visual interpretation of this model can be found here: Confluence Floor Model
With BTC reaching technical price resistance at around $44-45k it seems plausible to say that the odds for BTC are still on the bearish side.
While BTC.D is ranging in a bearish setup as well, altcoins could have a momentary altcoinseason. Looking at TOTAL2, the cumulative market of all altcoins is witnessing a breakout:
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