Key Notes
- Bitcoin supply on exchanges has hit a seven-year low, confirmed Santiment.
- Wallets with more than 10K BTC are on an accumulation spree, said Glassnode.
- Bitcoin is forming a bullish flag with a $90,000 price target, according to analysts
.
Bitcoin’s supply on exchanges has reached its lowest level in over seven years, signaling a shift in market sentiment that could have bullish implications.
As institutional players and long-term holders move their BTC into self-custody, the available supply for selling continues to shrink, potentially setting the stage for a price increase in the coming days.
Bitcoin Exchange Supply Drops to 7.53%
According to Santiment, Bitcoin’s ratio of supply on exchanges has fallen to 7.53%, the lowest since February 2018.
This milestone highlights a strong trend of accumulation and long-term holding, as investors opt to store BTC in cold wallets instead of keeping them on exchanges where they can be easily liquidated.
Historically, declining exchange supply has coincided with bullish market conditions. With fewer BTC available for spot selling, the likelihood of sudden sell-offs decreases, reducing market volatility.
Whales Leading the Accumulation Trend
On-chain data from Glassnode confirms that Bitcoin whales–wallets holding over 10,000 BTC–are steadily accumulating.
The Accumulation Trend Score is now above 0.5, indicating that large holders are buying while smaller investors remain net sellers.
Since March 11, whales have added approximately 129,000 BTC to their holdings, marking the largest accumulation rate since August 2024.
While current levels remain below December’s peak, the trend indicates further room for growth if accumulation continues at this pace.
BTC Price Analysis
As per CoinMarketCap data, Bitcoin is trading at $86,594.09 at press time, down 0.6% in the past 24 hours. The market leader is retesting support at the 20-day Exponential Moving Average (EMA) of $85,890, a key level that could dictate short-term momentum.Meanwhile, the Relative Strength Index (RSI) is at 50.04, suggesting that BTC is in neutral territory, neither overbought nor oversold. The gradient of the line suggests consolidation.
Bitcoin is trading near the middle Bollinger Band (BB) at $84,215.26, with resistance at the upper band ($88,869.84) and support at the lower band ($79,560.68). A breakout above the upper band could push BTC toward the psychological resistance at $90,000.It is important to note that crypto analyst “Merlijn The Trader” noted that Bitcoin is forming a bullish flag with a massive target of $90,000, a significant 4% increase from current levels.
BITCOIN BULL FLAG FORMING!
The setup is clean, the breakout is near. pic.twitter.com/AbUPqNjm2n
— Merlijn The Trader (@MerlijnTrader) March 27, 2025
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
