Bitcoin’s price surged to $70,000 briefly this week but faltered soon after failing to sustain the momentum and took a sharp turn.
Even as bitcoin has been unable to post a meaningful recovery, this reduction in its available supply on exchanges could potentially limit the selling pressure. Such a trend essentially indicates a bullish sentiment among investors who are holding onto their stash rather than offloading them. Additionally, Tether’s supply on exchanges is currently hovering close to an all-time high of approximately 16.95 billion USDT, recorded in July 2022. Such a high supply of the stablecoin on the exchanges could actually be considered a bullish perspective as it means that investors sit on the sidelines prepared to make acquisitions.
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