Price analysis 3/8: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LINK, LTC, BCH

Data from Glassnode shows that Bitcoin (BTC) held on centralized exchanges has dropped by about 20% in the past 12 months. This suggests that investors are withdrawing their Bitcoin to the cold storage with a view of possibly holding them for the long term. This has reduced the available supply while the demand has continued to increase. 

The arrival of exchange-traded funds could increase the supply crunch further. After the success of the TSX Purpose Bitcoin exchange-traded fund, Canada could launch the second Bitcoin ETF by Galaxy Digital Capital Management, a subsidiary of Galaxy Digital. The approval of Bitcoin ETFs in Canada could place further pressure on U.S. regulators to be more accommodative in their approach of evaluating BTC ETF proposals.

Daily cryptocurrency market performance. Source: Coin360

Meanwhile, companies across the globe have continued to open their coffers to buy Bitcoin. The latest listed company that plans to buy Bitcoin is the Norwegian investment firm Aker ASA, which intends to do it through a subsidiary company called Seetee AS. This shows that the trend has only started and several companies worldwide could allocate a portion of their reserves to be held in Bitcoin.

Goldman Sachs has confirmed the launch of its crypto desk that will support CME Bitcoin futures and non-deliverable forward (NDFs) which are cash-settled. Interestingly, an internal survey by the banking giant shows that 40% of its clients already have a crypto position. The respondents of the survey expect Bitcoin to end 2021 between $40,000 and $100,000.

Let’s study the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.