Bitcoin Supply Shrinks to 2017 Levels as Wallets Hit Record High—Is BTC Price Preparing for a Big Move?

Bitcoin price

The weekly RSI reached the lower threshold and has displayed a bullish divergence, suggesting that selling momentum may be weakening. Meanwhile, the MACD remains in bearish territory, indicating that the market is still in a short-term corrective phase. However, the selling pressure seems to have waned in the long term, and as the MACD levels display, there is the possibility of a bullish crossover, which may ignite a strong recovery.

Key Levels to Watch

Immediate support: $74,000
Major support: $48,000
Trendline resistance: $91,500

A successful reclaim of the trendline could open the door for a retest of the $100,000 psychological level.

What This Means for the Crypto Market

The combination of record wallet growth and declining exchange supply suggests that long-term investors continue accumulating Bitcoin despite the recent pullback. If demand strengthens while exchange reserves remain low, BTC price could experience a supply-driven rally in the coming months.

However, failure to hold the $74K support level could extend the correction toward the $48K demand zone, where stronger buyer interest may emerge. For now, Bitcoin price appears to be in a short-term correction within a broader accumulation phase, with on-chain data hinting that the next major move could still favor the bulls.

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