CryptoQuant Analyst Says Bitcoin Likely Consolidating Before Next Leg Up
- Analyst Axel Adler: BTC exchange inflows dropped sharply (81k -> 29k/day)
- Lower inflows suggest reduced selling pressure, potential “supply shortage”
- BTC trades ~$83.4k, needs to break $84.8k EMA resistance; $76.1k is key support
Bitcoin (BTC) remains in a consolidation phase after hitting its all-time high near $109,000 several months ago. Despite recent price corrections, some on-chain market indicators suggest a structural supply shortage could be developing, potentially creating conditions for another bullish price move in the coming days or weeks.
Major crypto market analysts point to decreasing Bitcoin inflows onto exchanges as a key factor. They also highlight critical support levels that, if held, could potentially push the leading digital asset back above $90,000 soon.
Is Bitcoin Selling Pressure Declining?
CryptoQuant verified author Axel Adler reports average Bitcoin selling pressure across top exchanges declined significantly recently. He noted daily inflows dropped sharply from a peak of 81,000 BTC down to just 29,000 BTC per day over a measured period.
This sharp drop in the amount of Bitcoin moving onto exchanges indicates fewer invest…
The post CryptoQuant Analyst Says Bitcoin Likely Consolidating Before Next Leg Up appeared first on Coin Edition.
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CryptoQuant Analyst Says Bitcoin Likely Consolidating Before Next Leg Up
- Analyst Axel Adler: BTC exchange inflows dropped sharply (81k -> 29k/day)
- Lower inflows suggest reduced selling pressure, potential “supply shortage”
- BTC trades ~$83.4k, needs to break $84.8k EMA resistance; $76.1k is key support
Bitcoin (BTC) remains in a consolidation phase after hitting its all-time high near $109,000 several months ago. Despite recent price corrections, some on-chain market indicators suggest a structural supply shortage could be developing, potentially creating conditions for another bullish price move in the coming days or weeks.
Major crypto market analysts point to decreasing Bitcoin inflows onto exchanges as a key factor. They also highlight critical support levels that, if held, could potentially push the leading digital asset back above $90,000 soon.
Is Bitcoin Selling Pressure Declining?
CryptoQuant verified author Axel Adler reports average Bitcoin selling pressure across top exchanges declined significantly recently. He noted daily inflows dropped sharply from a peak of 81,000 BTC down to just 29,000 BTC per day over a measured period.
This sharp drop in the amount of Bitcoin moving onto exchanges indicates fewer invest…
The post CryptoQuant Analyst Says Bitcoin Likely Consolidating Before Next Leg Up appeared first on Coin Edition.
Read More