Bitcoin (BTC) displays bullish signals as exchange supply hits 5-year low

Bitcoin (BTC) has witnessed bearish tendencies lately, which saw it losing the $30K value area to hover at $29K. The leading cryptocurrency by market value lost the $29,870 support level, opening the path to the foothold of $27.5K. While such price actions indicated weakness in Bitcoin, some on-chain metrics suggest an upcoming bullishness.