The price of Bitcoin (BTC) has made a substantial gain, surging over 2% in recent trading sessions. This upswing marks a significant departure from the more subdued market activity witnessed in previous weeks.
But what does the broader picture reveal about Bitcoin’s supply trends on exchanges?
On September 7th, Bitcoin exhibited an upward trajectory when examined on a daily chart, culminating in a remarkable 2% price increase that propelled it beyond the $26,000 mark.
This surge is notable because, aside from a single instance where Bitcoin recorded a surge of over 6% on August 29th, it had been quite some time since the cryptocurrency experienced such a substantial price rise.
Moreover, it marked the first time in over a week that Bitcoin crossed the $26,000 threshold.
At the time of writing, Bitcoin had managed to maintain its upward momentum and was trading around the $26,300 mark, albeit with a more modest gain of less than 1%.
Additionally, this modest price increase had pushed Bitcoin above the neutral line on its Relative Strength Index (RSI), marking another significant milestone after more than a week.
Bitcoin Supply on Exchanges
A report by Santiment, accompanied by a revealing chart, highlighted an interesting trend in Bitcoin’s supply on exchanges over the past two weeks.
The data indicated that Bitcoin’s supply on exchanges had declined since August 14th, with an initial figure hovering around 5.9%.
However, by August 24th, it had marginally decreased to 5.8%. As of the latest report, it had rebounded to approximately 5.96%, approaching levels observed on August 14th.
This fluctuation in supply on exchanges suggests that Bitcoin holders may have been taking action to capitalize on recent price movements.
It’s a dynamic to watch closely as Bitcoin’s price continues to evolve, potentially indicating shifting market sentiment and investment strategies.
