Bitcoin’s available supply on exchanges is dwindling, potentially leading to a surge in price. This trend, coupled with the upcoming Bitcoin halving on April 19th, could trigger a supply squeeze.

Here’s a breakdown of the key factors impacting Bitcoin today:

• Exchange Reserves Depleting: Only 9.8% of Bitcoin currently resides on exchanges, signifying a steady investor preference for holding. This low supply could fuel a price increase if buying pressure intensifies.
• Upcoming Bitcoin Halving: The halving will cut Bitcoin mining rewards in half, further restricting new coin creation. This limited supply, meeting potential high demand, could push prices up.
• McHenry Pushes for U.S. Bitcoin Leadership: Congressman McHenry emphasizes the need for the U.S. to embrace Bitcoin innovation and urges policymakers to understand the technology.

However, some uncertainties remain:

• Market Correction: The broader crypto market is currently experiencing a downturn, potentially impacting Bitcoin as well.
• Impact of CPI Data: Today’s CPI data release (April 10th) might influence investor sentiment and Bitcoin’s price trajectory.
• GBTC ETF Outflows: Grayscale’s Bitcoin ETF (GBTC) faces challenges due to high fees, leading to outflows. This could dampen the overall market enthusiasm.

Overall, the signs point towards a potential Bitcoin bull run, but near-term volatility remains a possibility. Stay informed about these dynamics to make informed trading decisions.