On-chain data shows Bitcoin exchange reserves have sharply increased in value, a sign that the selloff may not be over yet. Bitcoin Exchange Reserve Observes Rapid Rise As pointed out by an analyst in a CryptoQuant post, a high number of coins have entered exchanges over the last day. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently present in wallets of all centralized exchanges. When the value of this metric goes up, it means the supply on exchanges is going up as investors are depositing a net number of coins. As holders usually transfer to exchanges for selling purposes, such a trend could be bearish for the price of the crypto. Related Reading | Panic Vs Pandemic: Crypto Market Is More Fearful Than On Black Thursday On the other hand, a declining value of the reserve suggests investors are withdrawing their coins at the moment. This kind of trend, when prolonged, can be a sign that holders are accumulating, which could prove to be bullish for the coin’s price. Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past few months: Looks like the value of the metric has jumped up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserve has observed a sharp increase in its value recently. The chart also shows the curve for the “all exchanges netflow,” another metric which measur...
Bitcoin Price Prediction For March 21
