Bitcoin (BTC) Exchange Supply Hits 6-Year Low: Is $30K Close?

• Bitcoin’s price corrected but market participants are moving their assets into self-custody.
• BTC formed a golden cross, indicating that traders are bullish on the price action.
• Maintaining the $27,000 psychological support could propel Bitcoin to $30,000.

Since Bitcoin (BTC) rose above $28,000 for the first time since August, traders have been displaying confidence that a return to $30,000 may soon occur. However, the Bitcoin breakout only lasted a while as the cryptocurrency was back trading at $27,667 at press time.

Despite the correction, market participants are not giving up hope on the possible BTC upward trajectory, and on-chain analytic platform Santiment’s monthly report highlighted this stance. Using the social volume metric, which is a measure of the commentary about an asset, Santiment noted that the market is extremely bullish on Bitcoin.

Bitcoin Is Not Alone

The market was also bullish on altcoins including Chainlink (LINK), Aave (AAVE), and Ethereum (ETH). But there was one part about Bitcoin that made it seem like $30,000 was the next stop.

According to Santiment, Bitcoin’s…

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