Bitcoin (BTC), the world’s leading digital currency, has left many investors recently after resisting on constant prices. Last month, Bitcoin swung between less than 92,996 dollars and a height of 108,036 dollars. Surprisingly, the currency has remained less than $ 100,000 in the past seven days, unable to reach new summits.
Bitcoin accumulation points to upward feelings
However, Cryptoquant, a leading platform on the chain, has led to the calm of concerns about Bitcoin’s performance. in mail Common with the broader encryption community, Cryptoquant indicated that the currency suffers from strong accumulation pressure.
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Cryptoquant explains, using the average medium exchange flow rate on the 30 -day stock exchange of Bitcoin as an indicator, that bitcoin is still in high demand.
For the context, the flow flow rate to the flow in exchange is compared to the size of the bitcoin deposited in the stock exchanges for the amount that is withdrawn. It includes a percentage of less than 1 that more bitcoin leaves stock exchanges and investor accumulation signals.
This is a bullish sign as investors prefer Hodl Bitcoin instead of selling.
Amid the BTC price movement, which appears to be stagnant between $ 92,000 and $ 105,000, the current percentage indicates high flows. This indicates a strong demand and accumulation by market participants.
According to Cryptoquant, history has shown that when this percentage reaches a high -order area, Bitcoin suffers from a short -term price increase.
Bitcoin’s current market position
However, the data platform on the chain seemed a warning note for investors.
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It has been observed that some registered external flows may not be bitcoin accumulation by retail traders or Institutional investors. Instead, the central stock exchanges are likely to transfer the assets to the guard portfolios for the stock exchange (ETFS).
While Cryptoquant refers to the Bitcoin key Scales A hint in a bullish reference, investors want to remain careful in explaining the signs.
To write these lines, the price of bitcoin was Change Hands at 96,738.02 dollars, a 0.23 % decrease during the past 24 hours. However, trading volume increased by 50.95 % to 23.35 billion dollars as investors continue to accumulate the currency.
