Bitcoin is Currently hover About 97,000 dollars during the past 24 hours, an extension between the circulation of its range between 98,600 dollars and $ 95,000 throughout the past week. In the midst of this movement back and forth, the data shows a negative direction among the Bitcoin dealers, which may increase the low prices.
According to the data from the analysis platform on the series, Bitcoin has witnessed about 1.4 billion dollars in net flowing in the weekend that was just distributed.
Bitcoin exchanged height flows amid uncertainty in the market
InTotheblock DataSubscribing the social media platform X, highlighted that $ 1.04 billion was sent to the exchange of encryption last week. It is not surprising that this range of flows erases external flows in the previous three weeks. As Intothheblock has noticed, this shift in the capital movement indicates an increase in the frequency between bitcoin holders, which are largely driven through the prevailing global political and economic uncertainty.
In addition to concerns, the Bitcoin network has seen a noticeable decrease in transactions. Data on the series show that the fees decreased by 10.74 % compared to the previous week. This decrease in fees indicates a decrease in network activity, which is often a declining indication. The high transactions fees usually indicate an increase in demand and the rise in market participation, while the decrease means low interest and the weakest momentum of the bitcoin price.
image From x: INTOTHEBLOCK
ETFS can make Bitcoin to exchange flows
There can be a major factor behind the mutation in bitcoin exchange flows from external flows of investment funds circulating in Bitcoin. The US -based investment funds in Bitcoin have been the main reason for this year, with fixed flows to supply bullish momentum. However, last week he played completely different for these boxes in Bitcoin.
especially, Data from Sosovalue It reveals that the US -based bitcoin points recorded 651.83 million dollars of external flows over the past week. Interestingly, this is the largest weekly flow registered in this Bitcoin investment fund Uncertainty After the sharp price collapsed At the beginning of February.
image From sosovalue
Bitcoin flows opens to the exchange of a bitcoin landfill, especially as they create a sale pressure on the stock exchanges. Technical analysis shows that bitcoin is currently trapped between major supply and demand levels. According to Crypto Analyst Ali Martinez, there is a large request of 1.43 million BTC between 94,660 dollars and 97,540 dollars, while the $ 1.16 million supply wall of BTC ranges between 97,650 dollars and 99,470 dollars. probably Select the direction to The next main step.
If Bitcoin collapses over a $ 99,470 resistance, it may lead to an increase in the purchase and The price is greatly paid Above a sign of $ 100,000 again. However, a more extensive correction can be detected if there is a condensation of sale pressure and BTC is less than $ 94,660.
image From x: Ali_charts
At the time of writing this report, Bitcoin is traded at $ 97,504.
Distinctive image from Kitco, the tradingView graph
