Exchange Bitcoin reserves hit a new year low near $60,000, which may be conducive to the bull market

Odaily Odaily News: The amount of Bitcoin stored on cryptocurrency exchanges has reached a new supply low, which may be the catalyst needed for Bitcoin to successfully retest and return to above $60,000. CryptoQuant contributor Gaah emphasized in an analyst report on August 29: "With the exchange's Bitcoin reserves hitting a new low this year, this may indicate a weakening of selling pressure, which may be beneficial to the bull market if demand continues to grow as well." The exchange's Bitcoin reserves have decreased by about 12.9% since January 1, and the total Bitcoin reserves of all major cryptocurrency exchanges are 2.62 million. The transfer of Bitcoin to cold wallets generally indicates that investors are committed to holding the asset for the long term and are optimistic about its price potential. The increase in long-term Bitcoin holders will lead to "a more resilient market and less prone to large-scale panic selling." (Cointelegraph)