Bitcoin Price To Fall Deeper Or Preparing For A Rebound To $25K?

Pratik Bhuyan
February 10, 2023 Updated September 5, 2025
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin Price

Mass panic rippled throughout the larger cryptocurrency market as the SEC accused Kraken, a cryptocurrency exchange based in California, of running an unregistered crypto staking scheme on Thursday. Bitcoin lost almost 5% at the time, resulting in hitting the fag end of the $21K level while reaching a peak of $24K few weeks back. However, current market data reveals a significant uptick in the price of Bitcoin (BTC) as it reclaims the $21,800 price mark in the past 1 hour.

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Bitcoin Shows Bullish Signals

Bitcoin, as per certain on-chain data is currently fighting with the 50MA (moving average), and its monthly chart appears to be offering a buying opportunity with several indications. A recent post on CryptoQuant made by an analyst highlighted the fact that there has been an increase in the reserves held by crypto exchanges. An “exchange reserve” is an indicator that measures the total quantity of Bitcoin that is currently being stored in the wallets of a centralized exchange.

Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023

When the value of this indicator rises, it indicates that investors are now adding their coins to the exchange where they are being traded. Since investors typically use spot exchanges for selling objectives, the reserve exhibiting this pattern could be adverse to the price of the cryptocurrency if the platform in issue is a spot exchange.

A declining reserve, on the other hand, may indicate that holders are currently withdrawing their coins from the exchange in question. In most cases, owners will transfer their coins to a cold wallet in order to store them securely for an extended length of time. As a result, this kind of trend might be bullish for the price in the long run because it indicates a reduction in the amount of selling pressure that is being exerted on the asset.

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Bitcoin’s Price Recovery

While it is clear that this indication has been on an upward trajectory during the past two days–thanks to the spot deposits–the metric as a whole has been falling over the last two weeks, which shows that the market has been witnessing some level of net Bitcoin accumulation. If these withdrawals are considered as an indication of buying, then the coin might still see a bullish influence in the long run.

Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker recommend a neutral position as summarised from the moving averages; suggesting a “buy” at 8 and “sell” at a level 10. As things stand, the price of Bitcoin is currently trading at $21,812 which represents an increase of  0.14% over the past 1 hour, in contrast to a drop of 6.40% over the last seven days.

Also Read: Are These Tokens The Future of Crypto Gaming In 2023?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.