Bitcoin (BTC) has recently seen a noteworthy surge, climbing over 2% in price—a development that marks a significant uptick after a period of relative stability.
This uptrend has quietly impacted the broader landscape of exchange activity. But what does the overall supply trend on exchanges reveal over the past few weeks?
On September 7th, Bitcoin displayed an upward trajectory when examined on a daily chart, closing with a price increase of more than 2% and reaching above the $26,000 mark.
This event is notable because, aside from a price surge of more than 6% observed on August 29th, it had been several weeks since Bitcoin experienced such a substantial price jump. Furthermore, this surge broke the $26,000 price barrier for the first time in over a week.
At the time of this writing, Bitcoin had maintained its upward momentum, trading around $26,300, albeit with a gain of less than 1%.
This slight price increase has also pushed it above the neutral line on its Relative Strength Index (RSI), signifying a significant shift that hadn’t occurred in over a week.
According to a report by Santiment, Bitcoin’s supply on exchanges has experienced fluctuations over the past two weeks.
A closer look at the accompanying chart reveals that the supply on exchanges has been on a gradual decline since August 14th.
Initially, it hovered around 5.9%, but by August 24th, it had marginally decreased to 5.8%. However, as of the latest data, it had rebounded to approximately 5.96%, approaching levels observed on August 14th.
