Bitcoin Supply Dwindling on Exchanges But Correction Still Possible Despite Bullish Sentiment
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Bitcoin (BTC) supply on centralized exchanges has dropped to its lowest level since 2017, which is typically a bullish sign.
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Low exchange supply indicates investors are accumulating BTC and not looking to sell anytime soon.
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However, most of Bitcoin's circulating supply is currently in a profitable state, so a short-term correction could be imminent.
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Bitcoin has support at $42,700, where 642,000 wallets bought 347,000 BTC. If this breaks, next key level is $38,000.
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If bull run continues from $42,700 support, Bitcoin could visit next major supply zone around $47,300.