Bitcoin exchange reserves are hitting multi-year lows, signaling a potential supply crunch. Long-term holders remain strong despite short-term losses, suggesting that a confirmed bear market is unlikely. Advanced indicators like the MACD and Fibonacci levels suggest an imminent breakout above $88,000 towards $100,000. 2023 has seen Bitcoin exchange reserves plummet from around 3.2 million BTC to just 2.4 million BTC – a low not seen in years. This significant withdrawal suggests investors are moving their Bitcoin off exchanges and into private wallets. This trend aligns with historical trends: fewer coins on exchanges indicates less supply available for immediate selling. A signal of confidence, this move from exchanges to private wallets signifies that holders are ready to hold rather than trade. While a clear indication of an impending bear market is not yet established, the combination of declining exchange reserves and emerging bullish signals suggests a potential shift in market sentiment. Supply crunches don’t announce themselves; they just snap. https://twitter.com/CryptoBanter/status/1598370428463242720