More and more investors are switching to long-term storage of bitcoins. The flow of BTC to cryptocurrency exchanges has dropped to a three-year low.
Players prefer to keep coins in so-called "cold" wallets and do not intend to sell them even if a negative trend returns to the market.
In parallel, there is a massive withdrawal of bitcoins from trading floors. The outflow of cryptocurrency began to intensify after the market crash in March.
Currently, the BTC balance on exchanges is at its lowest level in the last two years, according to data from Glassnode.
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Large batches of cryptocurrency are bought by institutional investors. Recently it became known that some giants, such as MicroStrategy, are actively investing in bitcoin.
The largest cryptocurrency last week was able to briefly exceed the psychological mark of $ 14,000. Then the coin rolled back as part of the correction, and now BTC is trading at $ 13,850.
Many analysts point to a huge breakout value above $ 14,000. In their opinion, if Bitcoin surpasses this mark and can hold on, then a phase of more confident growth in the value of the cryptocurrency will come. A scenario is not excluded, in which BTC will repeat the 2017 rally and reach $ 20,000.