BTC close to $ 46,000 with reserves on exchanges below November 2020 levels

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Bitcoin (BTC) held a higher low overnight, fueling hopes for a sustained recovery.

BTC / USD (Bitstamp) hourly chart. Source: TradingView

Analyst: It is time for an “inevitable” shock for the Bitcoin offer

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD climbed to $ 46,000 today.

The pair was headed lower before a sudden bout of volatility hit the low of $ 43,380 on Bitstamp. At the time of writing, this level remained untested, with Bitcoin gaining around 5.5%.

“This could be an HL macro for $ BTC. Previously it served as a support,” summarized popular trader Pentoshi referring to the area immediately below around $ 45,300.

“We eliminated HL from the Macro downtrend, so we have been rising without noticeable declines for weeks. As long as we are above $ 41,000, we are bullish. BTC tends to suck and then it surprises everyone. “

Pentoshi was cautious on Monday, in line with analysts’ expectations for a higher daily low needed to preserve the overall strength of the market.

Not only #BTC still finds support here …

But it also formed an early stage of Higher Low $ BTC #Crypto #Bitcoin

The recent weekly close of #BTC is not technically bad, as it occurred above the orange demand area

However, $ BTC is now falling towards the demand area

That said, this area of ​​question is not yet lost

As long as the demand area holds, BTC will not hit $ 40,000

Overall, however, there was still ample reason to be bullish over the longer term.

“Bitcoin reserves on exchanges are reaching very low levels. This is a sign that we have more and more holders “, he has underlined Michaël van de Poppe, Cointelegraph collaborator.

“The inevitable is about to happen -> strong supply shock during which we will have a great race to higher figures.”

Bitcoin reserves chart on exchanges. Source: CryptoQuant

Data from on-chain analyst CryptoQuant confirms that reserves on exchanges hit new multi-year lows this week, even lower than the November 2020 levels, the start of the bull run.

Altcoin rises in line with Bitcoin’s strengthening

Today, altcoins also paint a more positive picture, with all of the top ten cryptocurrencies posting gains of at least 3%.

Related: ‘Bearish Pennant’ Breakdown Confirmed? Five aspects of Bitcoin to keep an eye on

On the podium we obviously find Solana (SOL) and Polkadot (DOT), both with yields close to 10%.

Ether (ETH) is also recovering, surpassing $ 3,300. Despite everything, compared to last week, it recorded a -14%.

ETH / USD (Bitstamp) hourly chart. Source: TradingView

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