Bitcoin Price Drops 1.3% but Bull Market Remains Strong
Bitcoin's price decreased by 1.3% over the last 24 hours, currently at $106,147.13. However, trading volume increased by 13%, indicating sustained investor interest.
Key points:
- Inflows to Binance from long-term and short-term holders have sharply declined, with only 8,000 BTC sent to exchanges recently.
- Whales acquired over 20,000 BTC in the past 48 hours, while more than 30,000 BTC were withdrawn from exchanges in the last month.
- This accumulation suggests reduced sell-side pressure and a potential supply squeeze.
- On-chain data shows Bitcoin is moving from exchange wallets to cold storage, reinforcing bullish sentiment.
- Profit-taking is occurring but remains modest compared to prior peaks, indicating that the bull market is likely not over.
- The Coinbase Premium Index has been positive for 20 consecutive days, reflecting ongoing institutional demand.
- Recent outflows from Coinbase suggest continued appetite from large investors, possibly preceding ETF inflows or corporate purchases.