Spikes in Bitcoin Exchange Inflows Signal a Large Selloff is Looming
Bitcoin has struggled to garner any clear momentum throughout the past ten weeks, creating a massive trading range between $9,000 and $10,000. One set of on-chain data that seems to signal that the next movement may be skewed in favor of Bitcoin bears is the fact that exchange inflows have been growing over the past few weeks.
Because $9,200 has been established as a clear support level, whether or not buyers can continue defending this level could be the sole factor that determines where it trends next. Throughout the past few weeks, investors have been moving their Bitcoin into exchanges at a rapid pace, far exceeding the outflows seen over the same period.