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Bitcoin exchange supply fell as price held near $83,485

A CryptoQuant researcher said exchange balances dropped to 2.67 million BTC from 2.8 million since February.

Reported · Written up by our desk · Market Structure

Bitcoin Magazine reports that a CryptoQuant researcher said bitcoin’s supply dynamics could support higher prices if buying demand continues while exchange supply stays low.

According to the report, bitcoin on exchanges fell to 2.67 million from 2.8 million since February.

Bitcoin was recently trading around $83,485, while it was up 8% over the past 30 days after its best quarter in years, the outlet said.

The piece also pointed to a recent surge in August and September and cited CryptoQuant’s view that a supply-demand imbalance could create conditions for a longer term upward trend.

Latest closeBitcoin $83,130.53 ▲1.7%

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