Ether’s short-term correction may set the stage for a larger upside move as 
ETH’s liquidity metrics turn increasingly favorable.

ETH rally tops out at $4.8K, setting up a make-or-break moment for Ether bulls

Bitcoin supply on exchanges has hit a new low for the first time in six years, 
providing a bullish outlook for BTC. This comes as the flagship crypto 
continues to hit new all-time highs (ATHs), with the $130,000 target now in 
sight. Bitcoin Supply On Exchanges Hit Six-Year Low Glassnode data shows that 
the Bitcoin supply on exchanges has fallen to a six-year low of around 2.8 
million BTC. The last time the BTC balance on exchanges was this low was in 
June 2019, when the flagship crypto was trading at around $8,745. This 
development confirms that investors are accumulating Bitcoin at an 
unprecedented pace. CryptoQuant data also confirms this development, with the 
Bitcoin exchange reserve currently at 2.5 million BTC, even lower than what is 
shown on Glassnode’s dashboard. This is bullish for the BTC price, as such 
massive demand usually precedes a major supply squeeze. Notably, this comes 
amid an increased demand from institutional investors, with the BTC ETFs 
recording $3.2 billion in weekly inflows last week, their second-largest since 
their launch last year. Related Reading: Bitcoin Price Still On Track To Hit 
$165,000, JPMorgan Analysts Reveal Timeline This comes as institutional 
investors move to Bitcoin as a safe-haven asset as part of the debasement 
trade during this period of uncertainty caused by the U.S. government 
shutdown. Thanks to the increased demand, BTC is already up 9% to start this 
month and rallied to multiple all-time highs amid the ‘Uptober’ rally. The 
Bitcoin price topped $126,000 for the first time ever yesterday and now looks 
on course to test the $130,000 milestone. With the massive demand from the BTC 
ETFs, there is the belief that the flagship crypto could hit this milestone 
this month. SoSo Value data shows that these funds took in $1.19 billion in 
net inflows yesterday, their highest daily inflow this year. BTC Could Break 
Above $130,000 Crypto analyst Titan of Crypto has suggested that Bitcoin is on 
track to make a new all-time high (ATH) above $130,000. He noted that BTC is 
testing the same trendline that rejected it a few weeks ago. However, this 
time around, the weekly MACD is crossing bullish, which could spark the rally 
above $130,000. His accompanying chart showed that a rally to as high as 
$140,000 was a possibility if the flagship crypto flips $130,000 into support. 
Related Reading: Bitcoin’s 2021 Playbook Shows The Final Price Target For This 
Bull Cycle Crypto analyst Mikybull Crypto also noted that Bitcoin is currently 
facing resistance around its current price level, making it a key level to 
watch. He added that a meaningful breakout above this level will send BTC to 
between $136,000 and $150,000. At the time of writing, the Bitcoin price is 
trading at around $124,500, up in the last 24 hours, according to data from 
CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com

This Major Bitcoin Metric Just Made A New Low For The First Time In 6 Years, Is An ATH Above $130,000 Coming?

Bitcoin&#8217;s high profitability may trigger sell-offs, potentially leading to 
market corrections and impacting future price stability.
The post Glassnode reports over 95% of Bitcoin supply profitable as price 
surpasses $117K appeared first on Crypto Briefing.

Glassnode reports over 95% of Bitcoin supply profitable as price surpasses $117K

The Bank of England may relax proposed caps on corporate stablecoin holdings 
after industry backlash, as the UK races to stay competitive in the $314 
billion market.

BOE signals flexibility on stablecoin caps amid industry pushback: Report

Bitcoin kicked off October full of vim and vigor, blasting to a fresh all-time 
high above $126,000 as “Uptober” lived up to its hype—while a jittery U.S. 
economy and government shutdown added drama to the backdrop. Bitfinex 
Analysts: October’s Seasonality Signals More Bitcoin Upside This week, 
Bitfinex analysts explained that bitcoin’s blistering comeback saw it […]

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