Yahya 
Bitcoin kept on cryptocurrency exchanges has dropped to a new annual low, which would allow Bitcoin to retest and rise beyond the $60,000 threshold. This drop in exchange reserves would lower selling pressure, which would help a positive market if demand keeps rising.
Based on an August 29 research by CryptoQuant contributor Gaah, Bitcoin reserves on exchanges have plummeted by around 12.9% since January 1, leaving only 2.62 million Bitcoin across major crypto exchanges. Gaah underlined that this pattern of Bitcoin migrating to cold wallets usually reflects confidence about its future price potential and suggests that investors are dedicated to retain the commodity long-term.
This decrease in Bitcoin supply on exchanges fits forecasts of a price surge in the fourth quarter of 2024. Gaah pointed out that the rising number of long-term holdings may result in a more robust market less prone to major panic sells. “Less liquidity for quick sale results from less Bitcoin available on exchanges,” he said.
In an August 27 X post, pseudonymous crypto trader Marty Party noted the “ultra low” Bitcoin reserves and hinted that a supply shock could be about to occur. Another critic, Bitcoin for Freedom, pointed out that, in the seven days before August 22, 56,000 Bitcoin had been transferred off exchanges—a pattern they find unsustainable.
Based on CoinMarketCap statistics, Bitcoin is trading at $58,970 at the time of publishing; it has just retested the important $60,000 barrier. As the price of Bitcoin settles below its $69,000 top, the growing number of long-term holders—who have collectively paid over $10 billion to purchase Bitcoin—appear to be pulling back from selling.
In particular if market demand rises in the next months, the likelihood of a protracted Bitcoin surge grows as trade reserves keep declining.
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