Ah, Bitcoin-forever stuck at the $90,000 mark like a pedestrian waiting for a bus that never arrives. Meanwhile, the number of coins available on exchanges is dwindling, just like your patience while waiting for this crypto drama to unfold. Data is showing that selling pressure has virtually evaporated, as more BTC slithers into long-term storage-just the kind of hiding place you’d want for something that you don’t really want to part with… for now.
Traders, ever the risk-averse creatures, seem to be tightening their belts and getting all cautious, even though the price structure continues to show signs of, well, pretend strength amidst the chaos. Hold onto your hats, folks-this is one wild ride.
Deposits to Exchanges Keep Dropping (Hooray?)
According to CryptoQuant, Bitcoin inflows to exchanges have plummeted to a mere 21,000 BTC. A far cry from the 88,000 BTC that made its way to exchanges back in 2021. Remember those days? Ah, the glory days of market peaks and stress-induced caffeine overdoses. Now, it’s just crickets and empty wallets. Crypto Tice, ever the optimist, chimed in,
“When exchange deposits collapse like this, sell pressure evaporates.”
Yes, evaporates, just like that last sip of coffee you forgot about on your desk. Now, many holders are shoving their BTC into cold wallets, custodians, or those shiny ETFs. This reduces the liquid supply, making Bitcoin even more susceptible to demand shocks, especially if anyone out there decides they actually want to buy it again.
On top of that, Bitcoin isn’t just sitting pretty on exchanges; it’s being steadily withdrawn. A whopping 403,200 BTC have been pulled from centralized platforms in the last year alone, or about 2.1% of the total circulating supply. This is a major shift towards long-term holding, so we’re all just waiting for something to happen… eventually.
Meanwhile, leverage is decreasing, according to CryptoQuant analyst Arab Chain. He noticed that the estimated leverage ratio on Binance has dipped to a meek 0.163-well below the usual 0.18 or higher. He wisely remarked, “The market is undergoing a sensitive period.” Oh, really? No kidding. Apparently, traders have become so cautious that extreme price swings are being avoided… for now.
Support Holds (Kind of) as Price Compresses (But Not Really)
Bitcoin’s been stuck trading between $89,400 and $93,400 for the past 24 hours. The support near $90,800 is holding, but don’t get too excited, because it’s being tested like your willpower during a Black Friday sale. Michaël van de Poppe, ever the bearer of optimism, pointed out that the price is forming higher lows, possibly signaling an upward breakout. Wow, really? Is this the moment we’ve all been waiting for?
“Price clearly doesn’t break down anymore,” he said, which is comforting, I suppose. But hey, let’s not get too carried away. The market, in all its grace, is showing signs of compression-something that sounds a lot more painful than it actually is. Analyst Lennaert Snyder observed that Bitcoin continues to reject the $94,000 level and is forming a very tight range. He added that breaking above this zone could open the path to $99,000 or even higher. In contrast, if it decides to break below $89,800, well… hello, $87,600. Nice to meet you.
But wait-there’s more! Merlijn The Trader, bringing all the good news, pointed out that the monthly MACD is showing a bearish cross, reminiscent of the glorious 2019 setup. Oh, you remember 2019, right? The year that everyone thought Bitcoin was going to crash… until it didn’t, and then it surged by over 600%. Could we see the same magic again? Only time will tell, folks.
“Smart money sees a launchpad,” he wisely commented. Well, someone has to have a plan.
So, as 2019’s technical structure rears its head, analysts are watching closely. Will we see a repeat of that monumental rally, or will we just stare at this Bitcoin jam for a little longer? Stay tuned, dear reader. The drama is far from over.
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2025-12-12 19:55