Fewer Bitcoin Sellers? Exchange Depositing Addresses Plunge To 8-Year Low In Bullish Sign

As Bitcoin (BTC) continues its climb toward the psychologically important $100,000 level, an increasing number of holders appear to be holding tightly to their coins rather than depositing them on exchanges. However, the top digital asset must still decisively overcome some key resistance levels before launching into a sustained bullish wave.

Bitcoin Depositing Addresses Plummet

In a CryptoQuant Quicktake post published today, on-chain analyst CryptoOnchain highlighted a significant drop in the number of BTC wallet addresses sending funds to centralized crypto exchanges.

According to the analyst, the number of BTC addresses making deposits to trading platforms is now at its lowest level since 2017. This steep decline suggests that fewer spot holders are looking to sell their Bitcoin, possibly anticipating a major price surge in the near term.

Meanwhile, BTC crossed the $97,000 mark earlier today — its highest point since February 20. The flagship cryptocurrency has climbed 4.1% over the past week amid growing speculation around a potential rate cut by the US Federal Reserve.

A rate cut by the Fed is typically seen as bullish for risk-on assets such as Bitcoin, since lower interest rates lead to declining bond yields and prompt investors to seek higher returns through alternative assets like stocks and cryptocurrencies.

Crypto analyst Ali Martinez noted that the next major resistance level for BTC is around $97,530. Although BTC is currently trading slightly above $97,000, it remains to be seen whether this momentum will result in a confirmed breakout or merely a temporary bullish deviation.

A clear move above $97,500 would strengthen the case for a new all-time high (ATH) in the near term. For reference, Bitcoin’s current ATH of $108,786 was reached earlier this year on January 20.

Is The Worst Over For BTC?

In a separate post on X, crypto analyst Titan of Crypto argued that BTC’s local bottom for this cycle may already be in, referring to the price drop to $74,508 on April 6. At the time of writing, BTC is merely 11.3% below its ATH.

The analyst highlighted Bitcoin’s “strong bullish monthly candle” and emphasized that BTC is now trading above several key Ichimoku Cloud indicators – including the Tenkan (red line), Kijun (blue line), and the Kumo Cloud – all of which support a bullish outlook.

In a similar vein, analyst Burak Kesmeci recently projected that Bitcoin may reach $124,000, citing the Golden Ratio Multiplier model as a guiding metric. At press time, BTC trades at $007, up 3.3% in the past 24 hours.