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

The amount of Bitcoin stored on cryptocurrency exchanges has reached a new supply low, which could be the catalyst Bitcoin needs to successfully retest and return to above $60,000. CryptoQuant contributor Gaah emphasized in an analyst report on August 29: "With the amount of Bitcoin reserves on exchanges hitting a new low this year, this may indicate a weakening of selling pressure, which could be favorable for the bull market if demand also continues to grow." Exchanges' 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. Bitcoin transfers to cold wallets generally indicate 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)