- Marathon Digital announces ambitious plan to drive investment in Bitcoin.
- Bitcoin reserves across all exchanges hit lowest level since 2018.
Marathon Digital, a leader Bitcoin (BTC) Mining company plans to raise $250 million to buy more Bitcoin.
After buying $100 million 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, indicating strong market confidence.
This institutional involvement was manifested by the constant rise in accumulation indicators, which were supported by various measures, including supply reserves.
Source: CryptoQuant
BTC reserves across all exchanges have also fallen to their lowest level since 2018, with a significant drop seen since the start of this year.
This suggests that institutions are steadily accumulating Bitcoin, likely because they anticipate a positive market trend.
Such a drop in available supply is a strong bullish signal, indicating growing investor confidence in Bitcoin’s future.
This is why it is time to consider a bullish position on BTC as the market moves.
Liquidation Levels
According to Coinglass, over $15 billion in BTC short positions will be liquidated when the price hits $72,000.
Significant liquidity is between $70,000 and $72,000, suggesting a market shift as large institutions accumulate BTC for long-term gains.
Source: Coinglass
Bitcoin Opens Another CME Gap
This week, Bitcoin created another CME gap, adding to the two large gaps it filled recently, with the latest close at $63,000 marking a local top.
A new gap now sits above the $61,000 mark. While gaps don’t always fill, they often do, signaling a price rally back towards the gap.
Source: TradingView
Bitcoin RSI Analysis on Fibonacci Levels
The AMBCrypto analysis team noted that the 2-week Bitcoin RSI has reached cycle highs, but the 3-week RSI has provided a clearer view of market sentiment.
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BTC’s RSI pattern now reflects the 2016-2017 period, when it was targeting new highs.
Unlike previous cycle peaks, this suggests that the March 2024 move was significant, but it is believed that the bull market could continue for more than a year once institutions finish accumulating.
Source: TradingView
