Bitcoin Rises as Exchange Balances Drop to Seven-Month Low

Bitcoin reached a two-month high of $97,500 as the number of retail holders fell by 47,244 over three days and the amount of bitcoin held on exchanges declined to a seven-month low of 1.18 million BTC, according to on-chain data from Santiment reported by Cointelegraph. Santiment said exchange balances have been steadily decreasing, reflecting reduced selling pressure from larger holders compared with the period when bitcoin was consolidating below $95,000.