Bitcoin holders show ‘stronger’ conviction despite BTC price losing $68K level

Bitcoin long-term holders continued to expand their holdings, while increased withdrawal from exchanges flashed a classic supply shock warning.

Bitcoin (BTC) dropped toward $67,000 during the European trading session on Friday despite an increase in long-term buying. Exchange withdrawals also increased to 16-month highs, suggesting reduced “immediate selling pressure,” a new analysis said.

Key takeaways:

Bitcoin withdrawals from exchanges increases, reducing BTC available for sale.

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