Analyst: Low Bitcoin Flow to Exchanges Points to High Market Confidence
Main Idea
Despite Bitcoin nearing all-time highs, key on-chain metrics indicate that major holders are not moving their crypto to exchanges, suggesting strong belief in the sustainability of the current price levels.
Key Points
1. The Bitcoin Flow Pulse (BFP) indicator shows unusually low volumes of BTC being sent to exchanges, even as prices approach record highs.
2. Bitcoin's price has risen 16.2% over the past month but faces resistance near $123,000, with potential support levels at $107,000 to $111,000 if key near-term levels fail.
3. CryptoQuant data reveals an uptick in BTC withdrawals from exchanges, indicating high-conviction holding rather than profit-taking.
4. Technical analysis suggests possible price corrections if support levels around $113,000 to $116,000 are not maintained.
Description
Bitcoin’s most recent rally has sparked investor conviction rather than the sort of panic selling seen in previous bull cycles. Key on-chain metrics show a surprising trend: major holders aren’t moving their crypto to exchanges despite prices hovering just below all-time highs. The Confidence Signal According to a July 23 post by CryptoQuant analyst Arab Chain, the Bitcoin Flow Pulse (BFP) indicator shows an unusually low volume of BTC heading to exchanges, even after the cryptocurrency hit a re...
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