Bitcoin is trending sideways in its current range, the cryptocurrency managed to prevent a fresh assault from the bears, but uncertainty remains strong in the market. This status quo supports the price action, and it could operate as the dominant trend for the remaining of the year. Related Reading: What’s Next As Algorand Price Remains Congested As of this writing, Bitcoin trades at $16,400. The cryptocurrency has been stuck at these levels for today’s trading session after re-testing its yearly lows yesterday. In the wake of FTX’s collapse, crypto users have lost confidence. This could have a long-lasting impact on the nascent asset class. Bitcoin Holders Flee From Exchanges Data from crypto exchange Bitfinex indicates that users are withdrawing their Bitcoin from exchanges en masse. The FTX’s collapse triggered a massive BTC outflow from trading venues; investors fear losing their funds in the contagion. The chart below shows that exchanges’ BTC supply has decreased since mid-2021. This trend steeped in 2022 as the crypto market crashed, and Bitcoin lost over 80% of its value from its all- ..
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