Reduced in the Amount of BTC Held by Exchanges Help Decreased the BTCs’ Selling Pressure
According to the data from CryptoQuant, the amount of BTC held at exchanges has dropped to a 2020 low. It may imply that the selling pressure on Bitcoin has less as compared to the “Black Thursday” that occurred on March 11. Since 2.6 million BTC are being held at exchanges at the moment, which is lower than the amount held before the March sell-off when the figure sat at 2.9 million BTC. Therefore, It is expected that Bitcoin would perform more steadily at the price, as people have stored their Bitcoin to somewhere more permanent and not prepare to sell them in the short period of time.
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