Bitcoin Price Prediction as Exchange Balances Hit Five-Year Low
Bitcoin exchange balances have plummeted to their lowest point since March 2018, now standing below 2.3 million BTC. This significant decline is primarily driven by substantial outflows from major exchanges like Binance and Coinbase, indicating a shift towards long-term holding strategies.

Major Exchange Outflows Signal Bullish Sentiment
In the past year, Binance, known for holding the largest Bitcoin reserves, has experienced significant withdrawals. Similarly, Coinbase recently saw one of the largest outflows of 2024, with nearly 16,000 BTC being moved in a single day. This trend suggests that large holders, or “whales,” are transferring their assets to private wallets, likely in anticipation of future price increases.
Exchange balances: Below 2.3 million BTC
Major outflows: Notably from Binance and Coinbase
Long-term holding: Suggested by these movements
Bitcoin (BTC/USD) Technical Outlook: June 2, 2024
Bitcoin is currently priced at $67,731 on the 4-hour chart. The pivot point, marked by the green line, stands at $68,000, suggesting a bearish Bitcoin price prediction as long as BTC remains below this level.
Resistance and Support Levels
Immediate resistance levels are at $69,000, $70,600, and $71,000. On the downside, support levels are at $66,650, $65,950, and $65,150.

Technical Indicators
RSI: At 46.62, indicating a neutral trend
50-day EMA: At $68,000, aligning with the pivot point
The upward trendline supports Bitcoin near $66,650, reinforced by a double bottom pattern. This pattern typically signals a bullish bounce, which is evident as Bitcoin holds around the $67,750 level.
Currently, the 50-day EMA is limiting Bitcoin’s upward movement to around $68,000. If BTC manages to break above this level, it could target the next resistance at $69,000 and potentially higher. However, both the 50-day EMA and the RSI are currently bearish, causing Bitcoin to struggle to surpass the $67,800 level. The formation of doji and spinning top candles indicates market exhaustion, with investors waiting for a clear direction.
Trading Strategy
Bullish Scenario: Consider buying above $68,000 for potential gains.
Bearish Scenario: A fall below $68,000 may suggest a bearish trend.
In conclusion, keep a close watch on the pivot point at $68,000. A move above this level could signal an opportunity for a bullish movement while staying below might indicate continued bearishness.
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