Bitcoin holders show ‘stronger’ conviction despite BTC price losing $68K level

What: Bitcoin long-term holders are expanding their holdings despite the recent price drop.
Why: The increased withdrawal from exchanges indicates a classic supply shock warning, which may be a sign of strengthening conviction among holders.
Signal: The growing number of long-term holders and reduced exchange balances suggest a shift in market dynamics, potentially signaling a longer-term bullish trend.
Target: The price drop below $68K may be seen as a buying opportunity by some investors, who are likely to target the previous resistance levels.
Risk: The increased withdrawal from exchanges also poses a risk of reduced liquidity in the market, which could exacerbate price volatility.