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Bitcoin (BTC) Ready To Break Past $65,000, On-Chain Data Shows
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Ready To Break Past $65,000, On-Chain Data Shows

Sebastian Villafuerte
Sebastian Villafuerte
9 months ago
2 mins read
Bitcoin Ready To Go Past $65,000, On-Chain Data Reveals

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Yesterday, Bitcoin (BTC) spiked over 6% following Federal Reserve Chairman Jerome Powell’s announcement that they are adjusting its policy and hinting at a potential 25bps rate cut at the next meeting on September 18. This unexpected news has fueled Bitcoin’s recent volatility, with prices swinging unpredictably in the past weeks. 

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Crucial on-chain data from CryptoQuant is providing a glimmer of optimism. According to the data, traders are positioning for further price appreciation.

As the market digests the Fed’s new stance, all eyes are on Bitcoin to see if this could mark the beginning of a new bullish phase.

Bitcoin Data Showing Market Optimism

Bitcoin is trading above $63,000 and gaining momentum as it prepares to break past the critical $65,000 mark. 

On-chain data from CryptoQuant reveals growing market optimism, highlighting a significant trend that could drive prices higher. Specifically, Bitcoin exchange reserves on centralized exchanges have plummeted to an all-time low. Since the end of July, the supply of BTC on exchanges has decreased from over 2.75 million to approximately 2.67 million, representing a 3% drop in just 30 days.

Bitcoin Exchange Reserve - All Exchanges
BTC Exchange Reserve – All Exchanges at all-time low. | Source: CryptoQuant Bitcoin Exchange Reserve Chart

This decline indicates that less BTC is available for trading on exchanges, which could create a supply shock, a situation where demand outstrips supply, leading to a potential price surge. As Bitcoin’s availability on exchanges diminishes, the likelihood of a price increase grows.

With Bitcoin starting to gain strength, the market is closely monitoring this trend, potentially pushing Bitcoin into new bullish territory.

BTC Price Action: $65,000 Next?

After two weeks of volatility and consolidation, Bitcoin is currently trading at $64,100 at the time of writing, holding above the crucial daily 200 Moving Average (MA).

This level is essential for bulls to maintain the uptrend in a higher time frame. For the price to break past the $65,000 mark, it must confirm its bullish structure by holding above the $57,500 level. Ideally, staying above the daily 200 Exponential Moving Average (EMA), which sits at $59,538, is preferable.

BTC close above the daily 200 MA.
BTC close above the daily 200 MA. | Source: BTC/USD price chart on TradingView

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Bitcoin Analyst Expects Bulls To Break $74,000 Within Two Months, History Favors BTC In Q4 2024

9 months ago

These levels are vital for establishing continued upward momentum. Holding above them would signal strength in the market, reinforcing confidence among traders and investors. The data of declining Bitcoin exchange reserves and the central bank’s policy announcement have been met with optimism. Investors are increasingly expecting a Bitcoin rally in the coming months, fueled by these bullish indicators.

Cover image from Dall-E, chart from TradingView.

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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