Bitcoin’s technical setup and onchain data hint at a short upside recovery in the making.
Bitcoin (BTC) price has rebounded by over 22% from its Aug. 5 low of around $49,557, and analysts believe that onchain and technical indicators point to the recovery continuing.
Bitcoin’s potential rally over the next few weeks is evidenced by onchain data tracking BTC supply on exchanges (the blue wave in the chart below).
As of Aug. 23, centralized crypto exchanges held about 2.68 million BTC, an 11% drop from $3.011 million BTC on Jan. 1. This is occurring alongside a 43% year-to-date rise in Bitcoin’s value.
