Bitcoin’s Weekend Price Bounce Fades Even as Exchange Balances Drop

Bitcoin’s Weekend Price Bounce Fades Even as Exchange Balances Drop

Bitcoin’s weekend ascent has run out of steam even though blockchain data and weakness in the U.S. dollar indicate the path of least resistance is to the higher side.

The top cryptocurrency by market value is trading near $34,200 at press time, representing a 3% drop on the day, CoinDesk 20 data show.

The pullback has reversed a significant chunk of the bounce from $32,700 to $36,000 seen in the past three days. It comes amid a decline in the number of coins held on exchanges, a bullish development.