Bitcoin’s price is on the rise again. It dropped to $108,600 on Tuesday, but it quickly, but briefly, rebounded above $112,000. Selling pressure briefly increased, causing a spike in exchange inflows. Now, those inflows are falling again.
Crypto analyst CryptoOnchain sees the dips stopping and believes a further Bitcoin drop is unlikely, citing CryptoQuant data on Wednesday.
Key Metric Signals Selling Pressure Is Easing
He explained that the 30-day moving average for Bitcoin inflows is falling after reaching its lowest level since May 2023. This key metric hit an all-time low in July, but it rose soon after, as Bitcoin hit a new all-time high. Profit-taking among investors fueled the increase.
Exchange inflows peaked in April, when new US tariff policies were announced. They have now retreated to record lows during the latest price dip.
CryptoOnchain said the decrease is “significant.” He calculated the drop across all exchanges and linked this decline to the price rebound. Bitcoin’s price has risen to $111,000.
US Investors Tapping the Brakes on Selling
These investors have been driving the recent rally, and a similar pattern is visible in the Binance spot market.
CryptoOnchain sees this as a bullish signal. The supply of sellable Bitcoin is shrinking, which could strengthen market sentiment. That’s why the analyst predicts a mid-term BTC uptrend.
Coinbase Advanced shows a steeper decline, suggesting that selling pressure is low. It comes from US retail and institutional investors.
This new data supports CryptoOnchain’s view that investors may hold their assets while waiting for higher prices. This reduces the coins available for sale, putting upward pressure on prices.
BTSE
dYdX
eToro
eToro
eToro
eToro
BingX
HTX
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
