Will Bitcoin Skyrocket to a New ATH as This Crucial Metric Falls to an 8-Year Low?

The number of Bitcoin addresses entering exchanges has dropped to 132,100.

According to the insights published by the analyst CryptoOnchain on CryptoQuant, this is a figure seen at the end of 2016.

Sales pressure is reduced

This metric, which tracks the number of addresses sending incoming transactions to exchanges, indicates a decrease in selling pressure as fewer investors move BTC to trading venues for trading. This reduced sell-off activity follows Bitcoin's recent surge above the $60,000 mark, which has resulted in withdrawals from central exchanges (CEXs).

According to IntoTheBlock data, the cryptocurrency saw more than $1.3 billion in net outflows from these platforms last week. Most of this, at 12,420 BTC, occurred on September 10 when the price struggled to hold above the $57,000 level.

These movements indicate that many investors are holding onto their assets in anticipation of a higher market and increasing stocks. Some crypto analysts are optimistic about bitcoin.

In a recent X post, an anonymous analyst suggested that Titan, the largest crypto, could climb to $92,000. He believes this is likely because the asset has historically seen at least a 40% move every time it crosses above its 50-day simple moving average. He predicted a 71 percent increase in the coming months.

In another post, analyst Michael Van de Pop mentioned that a bearish sentiment may emerge at the end of the month or early October, so it may now remain in a consolidation phase. However, despite the current sentiment among investors, macroeconomic factors may still influence the market.

Liquidations and market downturns

The cryptocurrency market, however, saw a drop earlier today ahead of the crucial Federal Open Market Committee (FOMC) meeting later this week. The US Federal Reserve is expected to discuss an interest rate cut that could impact global financial markets, including cryptocurrencies.

According to CoinGlass data, more than $178 million worth of positions were liquidated in the last 24 hours, a daily increase of 292%. Bullish traders with long positions suffered the biggest losses, down $153 million.

Ethereum and Bitcoin led the flow, with the former having $55 million and the latter following with $35 million. The largest single $2 million transaction occurred on the OKX exchange.

According to CoinGecko data, the global crypto market capitalization has fallen by 3.7% in the last 24 hours, which is 2.13 trillion dollars. Over the past 24 hours, the price of Bitcoin has fallen by 3%, trading below $58,000. However, the asset's daily trading volume rose by 106.28 percent to $27.36 billion.