Bitcoin (BTC) Breaks 7-Year Old Record In Inflows; What Does It Mean?
Bitcoin (BTC) News: The wait for Bitcoin (BTC) price breakout from the current level continues to frustrate retail traders. On chain data suggests that the current BTC exchange inflows is having a historically low patch, going by the numbers in last two weeks. However, if the BTC inflows edge higher and break the trend, it means the wait continues. Essentially, a spell of high BTC exchange inflows could mean the Bitcoin local bottom is not priced in yet. It should also be kept in mind that the current market cycle broke many patterns like this and hence made it unpredictable at times.
Also Read: Solana Surges By 40%, ETC Up By 17%; Can Altcoins Keep Up This Rally Ahead?
Record Low BTC Total Inflows
The total Bitcoin exchange inflows generally suggests how the local bottom is placed in the current scenario. According to Crypto Quant data, the current BTC inflow figures at the lowest since as many as 7 years. However, the general perception is that the low average might not last longer. This is considering the current market scenario around liquidity with Genesis Trading as well as the macroeconomic outlook for near future.
“Currently we are under 26k (looking at 14 days simple moving average (SMA)) daily BTC total inflows, which is the lowest since mid-2015.”
BTC In Bottom Territory
Also, a look at the current BTC Market Value (MV) to RV (Realized Value) ration indicates that the cryptocurrency is in a potential bottom territory. Since as many as three weeks, the top cryptocurrency failed to break the $17,000 level. The price movement has largely been sideways, paving an almost flat line for more than a week in December 2022. As of writing, BTC price stands at $16,832, up 0.65% in the last 24 hours, according to price tracking platform CoinMarketCap.
Also Read: Popular Analyst Bullish On Ethereum Price, Makes First Trade Of 2023
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