Massive Spike Expected in Bitcoin, as Miners HODL New Coins

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According to a recent report by Learn2Trade, Bitcoin (BTC) investors are continuously pulling out their crypto-assets from exchanges, which is a good indication that selling pressure is at a low, and price hikes could ensue shortly.

This proposition, which was put forward by CryptoQuant, has gotten confirmation from the on-chain analytics data provider. Through the evaluation of the Stablecoins Ratio—which involves the division of BTC reserves by stablecoin reserves on exchanges—CryptoQuant asserted that “potential selling pressure is weakening.”

The reason for this decline in selling pressure is because the number of stablecoins on exchanges reaching a record high, which could propel investors to buy BTC and other altcoins instead of selling.

Also, CryptoQuant revealed that miners have halted the transfer of newly-minted Bitcoins to exchanges, indicating that selling pressure from them has declined.

Meanwhile, while miners are holding their BTC coins and not selling, reports show that institutional investments are on a steady increase.

Massive withdrawals of crypto-assets from Coinbase are indicative of a large investors’ behavior.

CryptoQuant reported another massive crypto transaction out of the largest US-based crypto exchange made a few hours ago for 11,105 BTC. Based on the price of Bitcoin at press time, this transaction stands at roughly $644 million.

That said, the data provider reaffirmed that a significant price boost could be just around the corner.

Key BTC Levels to Watch — May 9

Following a goodish performance over the weekend, Bitcoin appears to have fallen into a slight consolidation with the $58k – $60k pivot zone. The benchmark cryptocurrency peaked at a three-week high of around $59,500, just a few points from the highly-coveted $60k psychological level. 

That said, the primary cryptocurrency is trading along a bullish trendline, which has lent adequate support to the recent price dip, as we anticipate a rebound to the $59k region.

Meanwhile, our resistance levels are at $59,000, $59,500, and $60,000, and our key support levels are at $57,500, $56,700, and $55,700.

Total Market Capitalization: $2.44 trillion

Bitcoin Market Capitalization: $1.08 trillion

Bitcoin Dominance: 44.5%

Market Rank: #1

 

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