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Saturday, April 17, 2021

Bitcoin Prepared for another All-Time High Amid Renewed Retail Interest

As of now, Bitcoin is appearing to be unprecedented and the main reason is that the retail investors have once again started capitalizing on each decline in order to get an entry into the market.

BTC has successfully managed to reclaim the level of $50,000 owing to the reason that there is an increase in demand on behalf of the institutional as well as retail investors that is continuously on the rise.

Bitcoin Faces High Demand While Supply Slides

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Bitcoin has been trending at an exponentially rapid pace and there are few concerns that might slow down its journey up. Few of the most important analysts of the industry gave warnings regarding a sharp correction yet this leading cryptocurrency has remained stable and strong.

The number of available BTC on the trading platforms has been dropping indeed. Over 30,000 Bitcoins have withdrawn over the past few days from many reliable exchange wallets of cryptocurrency that indicates a drop of 1.20%.

These kinds of market patterns suggest a good signal for the growth in price in the future since the pressure of selling BTC is technically decreasing. As a result, the downside probability is gradually capping.

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Arcane Research has reported that the investors are preferring to possess BTC for more time due to reason that there are store value features. On the other hand, the good growth witnessed in lending markets might also be able to influence the supply of available cryptocurrency exchanges.

This analytics company has stated that in case DeFi markets persist growing at this ongoing rate then the quantity of BTC utilized as collateral across the lending markets might probably hit 1 million within the year 2023.

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