Bitcoin exchange deposit hits 2016 lows – Hoder sentiment grows as sales pressure fades
Bitcoin is now laying the foundation for the potentially huge bull running stage. After growing more than 26% since April 9, BTC trading has stabilized above the $90K level, regaining a key technology base and shifting market sentiment. Nevertheless, be careful to wander. Global tensions, especially as the escalating trade conflict between the United States and China and the wider macroeconomic uncertainty continue to weigh investors’ confidence.
Despite these risks, the chain data is a convincing picture. Top analyst Axel Adler shared insights on X, indicating that the number of bitcoin addresses deposited to exchanges has dropped sharply, a potential sign of lower sales pressure. The 30-day moving average is well below the 365-day average.
Most notably, the current exchange sales address level is comparable to that before the 2017 Historic Bull Run in December 2016. If these trends persist, then Bitcoin may soon fall into price discovery, driven by long-term holders and updated institutional interests.
As Hod’s mood strengthens, Bitcoin’s separation from stocks
Signs of Bitcoin starting to disband macroeconomic power from U.S. stocks. The S&P 500 and the Nasdaq are under constant pressure due to global tensions and investor uneasiness, but BTC has gathered, with locals at a height of about $94,000. This difference marks a potential shift in market behavior, and during a period of uncertainty, Bitcoin is increasingly seen as a hedge or alternative to traditional assets.
A key factor in supporting this difference is the rising beliefs of long-term holders. According to Adler’s insights, the number of Bitcoin addresses that hold coins on exchanges has been steadily declining since 2022. The 30-day moving average has now dropped to 52,000 addresses, significantly below the 71,000 average of the 365-day average. Historically, this number hovers around 92,000, making the current level one of the lowest levels in the past decade.
Most notably, today’s figures are similar to the last seen in December 2016, just before Bitcoin’s explosive bull run in 2017. This decline in exchange activity means investors are holding, rather than selling, the trend that has quadrupled coin sales over the past three years. With sales pressure falling and investor convictions, Bitcoin may lay the foundation for a strong new rally.
Price action signals have a critical level of strength
Bitcoin is currently trading at $92,300 after launching a strong weekly candle, which briefly pushed to $95,000. The Bulls have controlled the short-term momentum, and the $95K trademark is now a key level of resistance. The decisive breakthrough above could trigger a fast action at the long-awaited $100,000 milestone, especially when buying pressure accelerates in favorable macro signals.
However, analysts also show that a healthy backtrack may occur before any major breakthrough. Callbacks can provide more powerful technical support for the next leg, especially if Bitcoin keeps its position above the 200-day moving average and key demand zones.
In this case, the $88,500 level is especially important. Even in the merger phase, staying above the region will indicate short-term strength and continue to bullish control. On the other hand, falling below it may delay the uptrend and regain deeper support.
Overall, the current structure of BTC is favorable to the Bulls. But as global tensions and macroeconomic uncertainty still shape market behavior, traders are watching closely to see if Bitcoin can be based on its recent gains and turn $95,000 in support into support.
Featured images from DALL-E, charts from TradingView
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