Crypto News

Ahead of the may halving the increased trend in long-term storage of bitcoins

From the beginning of April there has been a steady long-term savings of bitcoins.

Investors withdraw funds from cryptocurrency exchanges. This suggests that market players do not intend to sell BTC in anticipation of the reduction in rewards miners for mining the block, or so-called halving in may 2020.

Service Glassnode notes that the number of bitcoins on exchanges fell by almost 10% compared to January.

Currently, BTC is trading below $7000. The coin still can not break the resistance and go for growth. Some analysts expect a pullback to $6500 in the near future, at this level, bitcoin needs to gain support.

Since last year sounded the forecast that halving will lead to a jump in the price of bitcoin. Some supporters of the first cryptocurrencies are confident that it will soar to $100 000.

However, the dynamics that we see ahead of reducing the awards of the miners indicates the opposite. Withdrawing bitcoins with trading platforms predicts the fall of the activity of holders of coins.

Glassnode analysts believe that many fans of BTC will be frustrated by the consequences of halving, as no aggressive rally cryptocurrencies after this event, most likely, will not happen.


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