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Bybit Warns BTC Reserves May Deplete in 9 Months as Traders Turn to Learning for 10x Returns

Meanwhile, Bybit has issued a warning that the demand for spot Bitcoin ETFs (Exchange-Traded Funds) and the reduction in mining rewards after the halving could lead to the depletion of BTC foreign exchange reserves within nine months.

The world’s third-largest exchange, Bybit, states, “If we assume that $500 million flows into Bitcoin spot ETFs daily, approximately 7,142 Bitcoins will leave the foreign exchange reserves each day. This implies that it would take just 9 months to exhaust all remaining reserves.” – Bybit’s report on April 15, the largest cryptocurrency exchange. “Considering this, it’s not surprising that Bitcoin’s price continues to climb, both before and after the halving, as supply tightens and pushes prices to new records.”

Bitcoin Regains Crucial Support

In the past 24 hours, Bitcoin’s price has recovered above the $63,301.31 mark. This sets the foundation for market leaders to continue their ascent in the next 24 hours. If this positive momentum persists, Bitcoin may soon attempt to challenge the next major resistance level at $65,104.05. Sufficient buying pressure could even propel the cryptocurrency to $66,263.84 in the short term.

However, breaking below the recent breakthrough level of $63,301.31 within the next 12 hours could invalidate the bullish argument. In such a scenario, the king of the cryptocurrency market might drop to $61,860.81. In an extremely pessimistic case, losing support at this critical price point would expose BTC to the risk of plummeting to $60,325.83.

Short-Term Technical Support for Bitcoin

Technical indicators on the 4-hour candlestick chart for BTC suggest that Bitcoin’s price may continue to climb in the next 24 hours. Buyers not only have the upper hand over sellers but also the largest cryptocurrency by market capitalization has recently entered a bullish trend.

Over the past 24 hours, the Moving Average Convergence Divergence (MACD) line crossed the MACD signal line. Traders typically view this technical event as a sign of cryptocurrencies entering a positive cycle. Coupled with the recent breakthrough at $63,301.31, it could trigger a wave of bullish positions among traders.

Buyers also appear to be re-entering Bitcoin’s chart, as evidenced by the Relative Strength Index (RSI) line positioned above the Simple Moving Average (SMA) line. Furthermore, the former is also diverging from the latter. The widening gap between these two technical indicators may indicate that bulls are accumulating strength to counter bears, potentially driving Bitcoin’s price further upward.

Sentiment: Neutral

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