- Santiment data shows that the BTC supply off of exchanges is at an ATH.
- The price of BTC has dropped slightly over the last 24 hours.
- Daily technical indicators are bearish for the market leader.
The blockchain analysis firm, Santiment, posted a tweet today relating to the amount of crypto that has moved off of exchanges and into self-custody. In the post, Santiment shared a 10-year snapshot that shows how investors have shifted their funds into self-custody over time.
The tweet added that the “amount of coins in self custody continues to create a new all-time high.” Currently, there are 18.2 million Bitcoin (BTC) stored in self-custody solutions. Meanwhile, it is estimated that the number of coins on exchanges totals 1.2 million BTC, which is a 4-year low.
At press time, the price of the crypto market leader stands at $16,816.49. This is a 0.19% drop in price over the last 24 hours, according to the crypto market tracking website, CoinMarketCap. BTC’s price is still down by 5.18% over the last 7 days as the crypto market cap falls by 0.10% in the past day. This leaves the total crypto market cap at approximately $809.39 billion.
The price of BTC is challenging the 9-day EMA line, which has been a key resistance level in this bear market. The daily technical indicators are, however, bearish, as the 9-day EMA is positioned below the 20-day EMA and the daily RSI line is positioned below the daily RSI SMA line.
In addition to the 9-day EMA being positioned below the 20-day EMA and the daily RSI being positioned below the daily RSI SMA line, the 9-day EMA is breaking away below the 20-day EMA line and the daily RSI line is sloped negatively towards the oversold territory. Both of these technical situations are bearish and suggest a continuation of the bearish trend.
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