Exchanges record an inflow of 31K Bitcoin (BTC) this week. The cryptocurrency market awaits the end of the BTC consolidation.
- Post LUNC-UST collapse, the largest BTC-linked net profit recorded is $320M/day.
- Various technical indicators point out Bitcoin’s market transition to bullish.
Bitcoin’s current consolidation phase has conquered the prime attention of the crypto community. The dominant cryptocurrency laid out a neutral price channel between $26.5K to $28.5K since last week. Remarkably, analytical findings pointed out the increasing investors’ profit-taking and confidence in Bitcoin.
In the above chart, the relative strength index (RSI) of BTC is at 63.24, at press time. The asset is inching closer to its overbought state to send out strong sell signals. At the time of writing, according to CMC, the price of Bitcoin was $27,611.
Bitcoin – Holdings, Exchange Flows & Profits
In recent weeks, the volume of Bitcoin (BTC) transferred to exchanges spiked up. This eventually drove a larger net increase. As per the data from Glassnode, a popular on-chain market intelligence firm, the net exchange inflow increased by nearly 4,180 BTC in Week 13. In total, 31K BTC were sent to the crypto exchanges. Notably, in May 2022, prior to the Terra LUNA (now LUNC) collapse, the cycle recorded the previous high.
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