3 Aug 2021

Bitcoin continues to retreat at the $38k level from its two-month high at around $42,600 on the 1st of Aug. Increased Bitcoin reserve among exchanges along with the price drawdown indicates the selling pressure on Bitcoin is rising, according to data from CryptoQuant. However, Glassnode’s data shows that active Bitcoin addresses surged 30% in late July, which means a bullish signal for Bitcoin. Combined these two factors, Bitcoin price, could result in a healthy correction in the bull run. 

2 Aug 2021

The Bitcoin reserve among the exchanges dropped significantly when approaching $40k.

The price of Bitcoin challenged the $42k level for the first time on the weekend since 21st May 2021. According to CryptoQaunt, the amount of Bitcoin reserve in all exchanges dropped while the price rose to its two-month highs. Although Bitcoin’s price failed to hold above the 40k level after retreating from $42k, the market optimism remains strong. Because dropping in Bitcoin reserve among exchanges means a decrease in Bitcoin supply for selling.

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