"The halving is getting closer, will the price of BTC continue to rise or fall?"
The price of cryptocurrency king Bitcoin (BTC) finally managed to reclaim the $71,000 level on March 25 yesterday after its rally continued to the point where Coinbase saw the lowest BTC supply in nine years.
On the supply side, BTC reserves on Coinbase that hit a nine-year low of about 344,856 on March 18, 2024 have shown investors resuming BTC accumulation outside crypto exchanges.
The last time BTC reserves on Coinbase were at the same lowest level was in 2015 while the total amount of BTC remaining in the collection address bounced back to over 3.2 million BTC which is close to a record high.
In this case, the collection address is an address that has more than 10 BTC and no outgoing transactions or connections with centralized exchanges and mining firms.
Further exhibiting an increasing accumulation pattern, BTC inflows to the accumulation address hit an all-time high of 25,300 BTC on March 22, 2024, indicating that large investors may be betting higher.
Overall, BTC reserves across all crypto exchanges hit a three-year low of 1.92 million BTC on March 25, 2024, so here it can be seen that BTC price may still have more room for upside.
As of this writing, BTC price has surged by 5.10% to $70,020 in the past 24 hours with a market capitalization of over $1 trillion and is up 3.34% over the past week.
