- The global crypto market cap has been in a decline for the last month, according to CoinMarketCap.
- In a recent tweet, Santiment revealed that the supply of BTC and ETH on exchanges is at historic lows.
- At press time, both the market leaders were in the process of flipping their 9-day EMA lines into support.
The crypto market started 2023 off with a bang, with its collective market cap climbing from $794,812,541,836 at the start of the year to a high of $1,282,636,649,161 on 14 April, according to CoinMarketCap. In the month that followed, this total has been in a steady decline. However, a recent tweet by Santiment shows signs of hope for the crypto market.
In their latest post, Santiment revealed that the supply of Bitcoin (BTC) and Ethereum (ETH) on exchanges has reached historic lows. This is a positive sign for the crypto market since investors moving their holdings to self-custody indicates a bullish long-term outlook for both of the crypto market leaders.
At press time, both cryptos were in the green over the past 24 hours. BTC’s price stood at $27,380.94 after it was able to climb 1.99%. Meanwhile, ETH was changing hands at $1,826.54 following its 0.99% gain. In addition, ETH’s positive price movement over the last day was also able to push its weekly price performance back into the green at +0.57%.
Daily chart for BTC/USDT (Source: TradingView)
Looking at BTC’s daily chart, its price was attempting to flip the 9-day EMA line into support and was trading above the level at press time. A close above this EMA line will serve as an early sign of the market leader’s price climbing to $28,324 in the following days. However, a close below this level today could result in a price drop toward $26.5K.
Daily chart for ETH/USDT (Source: TradingView)
Similar to BTC, ETH’s price was also attempting to flip the 9-day EMA line into support. In addition, the daily RSI line was on the verge of crossing bullishly above the RSI SMA line. Should this cross take place within the next 24 hours, ETH could climb to as high as $1,878, or even $1,941, in the following 24-48 hours.
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