This Major Bitcoin Metric Just Made A New Low For The First Time In 6 Years, Is An ATH Above $130,000 Coming?

Bitcoin supply on exchanges has hit a new low for the first time in six years, providing a bullish outlook for ￰0￱ comes as the flagship crypto continues to hit new all-time highs (ATHs), with the $130,000 target now in ￰1￱ Supply On Exchanges Hit Six-Year Low Glassnode data shows that the Bitcoin supply on exchanges has fallen to a six-year low of around 2.8 million ￰2￱ last time the BTC balance on exchanges was this low was in June 2019, when the flagship crypto was trading at around $8,745. This development confirms that investors are accumulating Bitcoin at an unprecedented ￰3￱ data also confirms this development, with the Bitcoin exchange reserve currently at 2.5 million BTC, even lower than what is shown on Glassnode’s ￰4￱ is bullish for the BTC price, as such massive demand usually precedes a major supply squeeze.

Notably, this comes amid an increased demand from institutional investors, with the BTC ETFs recording $3.2 billion in weekly inflows last week, their second-largest since their launch last ￰5￱ Reading: Bitcoin Price Still On Track To Hit $165,000, JPMorgan Analysts Reveal Timeline This comes as institutional investors move to Bitcoin as a safe-haven asset as part of the debasement trade during this period of uncertainty caused by the ￰6￱ ￰7￱ to the increased demand, BTC is already up 9% to start this month and rallied to multiple all-time highs amid the ‘Uptober’ ￰8￱ Bitcoin price topped $126,000 for the first time ever yesterday and now looks on course to test the $130,000 ￰9￱ the massive demand from the BTC ETFs, there is the belief that the flagship crypto could hit this milestone this ￰10￱ Value data shows that these funds took in $1.19 billion in net inflows yesterday, their highest daily inflow this ￰11￱ Could Break Above $130,000 Crypto analyst Titan of Crypto has suggested that Bitcoin is on track to make a new all-time high (ATH) above $130,000.

He noted that BTC is testing the same trendline that rejected it a few weeks ago. However, this time around, the weekly MACD is crossing bullish, which could spark the rally above $130,000. His accompanying chart showed that a rally to as high as $140,000 was a possibility if the flagship crypto flips $130,000 into ￰12￱ Reading: Bitcoin’s 2021 Playbook Shows The Final Price Target For This Bull Cycle Crypto analyst Mikybull Crypto also noted that Bitcoin is currently facing resistance around its current price level, making it a key level to ￰13￱ added that a meaningful breakout above this level will send BTC to between $136,000 and $150,000. At the time of writing, the Bitcoin price is trading at around $124,500, up in the last 24 hours, according to data from ￰14￱ image from Getty Images, chart from ￰15￱