Will Bitcoin Soar Toward New ATH As This Crucial Metric Falls To 8-Year Low?

The number of Bitcoin addresses being deposited on exchanges has dropped to 132,100.

According to statistics published on CryptoQuant by analyst CryptoOnchain, this is a figure last seen in 2016.

Decrease in sales pressure

This metric, which tracks the number of addresses sending inbound transactions to exchanges, suggests a decrease in selling pressure as fewer investors move their BTC to trading venues for settlement. This reduced selling activity follows bitcoin’s recent surge above the $60,000 mark, which prompted exits from centralized exchanges (CEX).

According to data from IntoTheBlock, the cryptocurrency recorded more than $1.3 billion in net outflows from these platforms in the past week. Most of these, around 12,420 BTC, occurred on September 10 when its price struggled to stay above the $57,000 level.

These moves indicate increased accumulation, with many investors holding onto their assets in anticipation of a bull market. Some crypto analysts are also bullish on bitcoin.

In a recent X post, anonymous analyst Titan suggested that the largest crypto could reach $92,000. He thinks this is likely because the asset historically sees at least a 40% move whenever it breaks above the 50-day simple moving average. He also predicted a 71% increase in the coming months.

In another post, analyst Michael van de Poppe mentioned that it could remain in a consolidation phase for now, with a possible bullish breakout at the end of the month or early October. However, macroeconomic factors could still influence the market despite the current sentiment among investors.

Liquidations and market decline

The cryptocurrency market, however, witnessed a drop today, ahead of a crucial Federal Open Market Committee (FOMC) meeting scheduled for later this week. The US Federal Reserve is expected to discuss possible interest rate cuts, which could affect global financial markets, including cryptocurrencies.

According to data from CoinGlass, more than $178 million in positions were liquidated in the last 24 hours, which is a 292% daily increase. Bullish traders who held long positions experienced the most losses, with $153 million wiped out.

Ethereum and Bitcoin led the liquidations, with the former experiencing $55 million and the latter seeing $35 million. The largest, worth $2 million, occurred on the OKX exchange.

Data from CoinGecko shows that the global crypto market cap has also fallen by 3.7% over the past 24 hours to $2.13 trillion. The price of Bitcoin is also down 3% in the last 24 hours, trading below $58,000. However, the asset’s daily trading volume has seen an increase of 106.28% and stands at $27.36 billion.

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