Bitcoin Exchange Inflows Decrease as Price Hits $125,000 Milestone
Bitcoin has reached a new all-time high of $125,708 on Binance. However, BTC exchange inflows are decreasing, suggesting potential for a healthy rally.
Key Points
- On-chain data from CryptoQuant indicates a significant drop in BTC inflows to exchanges like Binance.
- Decreased inflows suggest that investors prefer holding BTC in cold wallets, potentially leading to a "supply crunch."
- The inflow average decreased from 0.55 to 0.48 as BTC's price surged from $108,000 to $125,000, indicating organic demand.
- This trend supports the current upward price movement but could change if large inflows to exchanges occur, signaling potential selling by major players.
Future Outlook
- Analysts predict further gains for BTC in Q4, with potential peaks in mid-November and possible surges to $143,000 in October.
- BTC faces resistance at $125,000 and needs to maintain support at $118,000 to continue its upward trajectory.
- Currently, BTC trades at $125,189, up 1.9% in the last 24 hours.
