Bitcoin is Currently About $ 97,000 in the last 24 hours, which is an extension between his range for a merchant between $ 98,600 and $ 95,000 throughout last week. In the midst of these back and forth movements, the data show a negative trend among Bitcoin traders, which could intensify a drop in prices.
According to data from the Intotheblock chain analysis platform, Bitcoin saw around 1.4 billion dollars in net entries in crypto exchanges during the week that has just been concluded.
Bitcoin exchange entries increase in the middle of the uncertainty of the market
Intotheblock dataShared on the social media platform X, stressed that $ 1.04 billion was sent to crypto exchanges last week. Unsurprisingly, this series of entries has erased outings in the previous three weeks. As Intotheblock noted, this change in capital movement suggests growing hesitation among Bitcoins holders, largely motivated by the global political and economic uncertainties in force.
Adding to the concerns, the Bitcoin network experienced a significant drop in transaction costs. The chain data show that the costs decreased by 10.74% compared to the previous week. This drop in costs indicates a lower network activity, which is often a lowering indicator. An increase in transaction costs generally suggests an increase in demand and an increase in market engagement, while a decrease implies a reduction in interest and a lower momentum for the price of bitcoin.
Picture From X: Intothebloc
FNB Bitcoin could conduct exchange entries
A major factor behind the overvoltage of Bitcoin exchange entries could be outings of Bitcoin Spot ETF. The FNB Bitcoin Spot Bitcoin based in the United States were a major cause of Bitcoin’s Bull Run this year, with constant entries fueling omino. However, last week took place very differently for these Etf Bitcoin.
Particularly, Sosovalue data reveals that the Bitcoin Bitcoin Bitcoin FNB-based in the United States recorded $ 651.83 million in net outings in last week. Interestingly, this is the biggest weekly outing recorded in these Spot Bitcoin Etf since the first week in September 2024. persistent uncertainty After the drastic crash In early February.
Picture Sosovalue
Bitcoin entries in crypto exchanges open a bitcoin box, especially since it creates sales pressure on exchanges. Technical analysis shows that Bitcoin is currently trapped between the main levels of supply and demand. According to Crypto Analyst Ali Martinez, there is a demand wall of 1.43 million BTC significant between $ 94,660 and $ 97,540, while a supply wall of 1.16 million BTC is between 97,650 $ and $ 99,470. A break in both directions can potentially define the trend The next major movement.
If Bitcoin exceeds resistance at $ 99,470, this could trigger a new dynamic of purchase and considerably push the price Above the $ 100,000 bar again. However, a larger correction could take place if the sales pressure is intensifying and BTC falls below $ 94,660.
Picture From X: Ali_charts
At the time of writing this document, Bitcoin is negotiated at $ 97,504.
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