• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Bitcoin Bear

Bitcoin Bearish Signal: Exchange Reserves Show Sharp Increase

Keshav Verma by Keshav Verma
2 years ago
in Bitcoin
Reading Time: 3 mins read

Bitcoin exchange reserves have shown a sudden sharp spike recently, despite being in a declining trend for months.

After Months Of Downtrend, Bitcoin Exchange Reserves Shoot Up

As pointed out by a CryptoQuant post, on-chain data shows that BTC exchange reserves have spiked up in the past couple of weeks.

The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin stored in wallets of all exchanges at a particular point in time.

If the value of the metric goes down, it means investors are taking their coins off exchanges. Holders may be withdrawing their BTC to accumulate them as they might believe that the price would appreciate further. As a result, this trend could be bullish for the crypto.

On the other hand, if the indicator increases in value, it implies holders are transferring their Bitcoin to exchanges, possibly for withdrawing to fiat or for purchasing altcoins. Such a trend can prove to be bearish for the coin.

Related Reading | Bitcoin Open Interest Remains Elevated Post Dramatic Dip

Now, here is a chart that shows the trend in the BTC exchange reserves over the past few months:

Bitcoin Exchange Reserves

The indicator seems to have spiked up recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange reserves have been falling down for a while now. However, in the past couple of days, the indicator’s value has shown a sudden increase.

This rise in the reserve amounts to around 39k BTC being deposited to exchanges between yesterday and today alone.

Related Reading | The Bitcoin Saga: A Look At BTC’s History Of Up’s And Down’s

Such sharp trend is usually an indication of whale activity. The price of Bitcoin has struggled recently so it’s possible some institutional investors could be preparing to pull out from the market.

If it’s indeed a sign of whale dumping, then the outlook of the crypto’s price could be bearish at least in the near future.

BTC Price

At the time of writing, Bitcoin’s price floats around $56.4k, down 2% in the last seven days. Over the past month, the crypto has lost 8% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

BTC's price has mostly consolidated in the past few days | Source: BTCUSD on TradingView

Over a week ago, Bitcoin had a crash triggered by fud from the Omicron COVID variant. The coin’s price dropped to as low as $53k, but a few days ago the coin recovered its losses.

However, since then, the crypto has mostly trended sideways. It’s unclear at the moment which direction the coin might break out of this consolidation, but if the exchange reserve is anything to go by, BTC might face bearish trend soon.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinbitcoin bearishBitcoin exchange reserveBitcoin whalesbtcbtcusd
Tweet123Share196ShareSend
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He completed a bachelor's in physics in 2022. Keshav is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football.

Related Posts

Bitcoin

Over 80% Of Bitcoin Holders Now In Profit – Report

3 hours ago
Bitcoin

Bitcoin A Tad Closer To $40,000 – Is $41K The Next Stop In A Few Days?

5 hours ago
Bitcoin whale

Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed

1 day ago
Bitcoin price up today

Bitcoin Price Breaks Above $38,800, These Are The Reasons

1 day ago
Bitcoin Spot ETF

Bitcoin Spot ETF In January 2024: A New Player Just Joined The Game

2 days ago
Bitcoin

Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Bitcoin’s $37K Stability Linked to High Accumulation...

    55 mins ago
  • GoMining Unveils The West NFT Collection

    23 hours ago
  • Where to Invest in Crypto? Experts Highlight Top Picks...

    1 day ago
  • Investors’ New Favorite: BorroeFinance Surges Past...

    1 day ago
  • Maximizing Profits in Forex: Raw Spread Forex Brokers’...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.