A recent report published on X app by the Santiment on-chain data aggregator says that after Bitcoin added nearly 3% to its value overnight, traders began to move their BTC to crypto exchanges.
Now, the supply of Bitcoin held by exchanges has jumped by 3.1% compared to what these platforms help over the last two weeks. Traders seem to be motivated to begin taking small profits on their Bitcoin investment, Santiment has shared.
A Santiment chart says that this BTC supply rise on exchanges is the highest that has occurred within two weeks since the beginning of March this year.
After rising by nearly 3% to reach the $26,388 level, the flagship cryptocurrency went back down, shedding most of this gain. At the time of this writing, Bitcoin is changing hands at $25,683.
On Au. 29, Bitcoin printed a massive green candle, with the price jumping by a whopping 8%, adding $2,000 in just one hour. That massive price growth was propelled by Grayscale's court victory over the American security regulator the SEC, which previously refused to consider Grayscale's application to convert its Bitcoin Trust into a Bitcoin spot ETF.
However, that euphoria on the market did not last long; within the following two weeks, Bitcoin went back gradually from $28,000 to below the $26,000 level.
Prominent cryptocurrency trader Ali Martinez has spotted a TD Sequential buying signal on a Bitcoin three-day chart. Should the flagship cryptocurrency make a sustained close above the $26,800 mark, this could propel a further BTC spike toward $28,000. Still, if Bitcoin drops under the $25,300 level, this bullish scenario will be nullified, per his X post.
Vladislav Sopov