- Marathon Digital announces an ambitious plan to further Bitcoin investment.
- Bitcoin supply reserve in all exchanges hits the lowest level since 2018.
Marathon Digital, a leading Bitcoin [BTC] mining firm, plans to raise $250 million to buy more Bitcoin.
After purchasing $100 million worth in July, Marathon now holds 20,000 BTC. Recent data shows that large investors, known as whales, have been steadily increasing their BTC holdings over the past few months, signaling strong market confidence.
This institutional involvement has been evident in the steady rise of accumulation indicators which have been supported by different metrics including supply reserves.
Source: CryptoQuant
BTC reserves on all exchanges have also dropped to their lowest level since 2018, with a significant decline observed since the start of this year.
This suggests that institutions are steadily accumulating Bitcoin, likely because they anticipate a positive market trend.
Such a decline in available supply is a strong bullish signal, indicating growing investor confidence in Bitcoin’s future.
For this reason, this is the time to consider a bullish stance on BTC as the market shifts.
Liquidation levels
Over $15 billion in BTC short positions will be liquidated when the price hits $72K, according to Coinglass.
Significant liquidity lies between $70K and $72K, suggesting a market shift as big institutions accumulate BTC for long-term gains.
Source: Coinglass
Bitcoin opens another CME gap
This week, Bitcoin has created another CME gap, adding to the two big gaps it closed recently, with the latest close at $63K marking a local top.
A new gap now sits above the $61K price mark. While gaps don’t always close, they often do, signaling price rallies towards the gap.
Source: TradingView
Bitcoin RSI on Fibonacci levels analysis
The AMBCrypto analysis team noted the 2-week Bitcoin RSI hit the cycle tops, but the 3-week RSI provided a clearer view of the market sentiment.
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BTC’s RSI pattern now mirrors the 2016-2017 period when it aimed for new highs.
Unlike previous cycle peaks, this suggests that the March 2024 move was significant, but the belief is that the bull market could continue for over a year once institutions finish accumulating.
Source: TradingView