Bitcoin reserves in the Binance exchange, the largest digital currency exchange in terms of transaction volume, have reached their lowest level since January 2024. This decline in reserves is similar to what happened in January, two months before the 90% increase in Bitcoin price in March, suggesting a potential repetition of the pattern. Therefore, if this pattern repeats, the price of Bitcoin may reach $187,500 in the coming months. Based on new data from CryptoQuant, Bitcoin reserves in Binance have decreased to less than 570,000 BTC. Reserve reductions in exchanges usually indicate asset transfers to cold wallets by investors and reflect their optimism about Bitcoin’s long-term performance. A similar decrease in reserves occurred in January 2024, after which the price of Bitcoin reached a local peak of $73,679 on March 13. Meanwhile, Bitcoin’s market dominance index is currently about 58.4%, slightly below the critical 60% level. Some analysts believe that crossing this level could indicate capital moving to other digital currencies. Since hitting the psychological ceiling of $100,000 on December 5, Bitcoin has faced challenges to maintain this level and has been trading below this threshold since December 19. Its highest historical price, $108,300, was recorded on December 17. However, Ryan Lee, a senior analyst at Bitget Research, believes that the price of Bitcoin may surpass $105,000 after the Christmas holidays. He has stated that market activity will increase after Christmas, and based on this, he predicts that Bitcoin’s trading range in the upcoming week will be between $94,000 and $105,000. You can monitor the prices of all tokens and cryptocurrencies live on the page for real-time digital currency prices.
