Netflow trends in Bitcoin indicate that the target of $ 100,000 may be late: here is what this means
In the past few hours, Bitcoin has seen a remarkable recovery from the last recession, which led to the $ 1.2 billion FTX payment, adding great liquidity to the market. Despite this recovery, various indicators of the series currently indicate that Bitcoin may not exceed the sign of $ 100,000 in the coming days. This feeling can be provided with short -term holders (STHS) with an opportunity to create a local peak at the BTC price.
Netflow continues in Bitcoin
Bitcoin price has an increase in the purchase of the request as Bulls successfully paid the price above the level of 97 thousand dollars. Coinglass data shows that bitcoin price has witnessed a total liquidation of about $ 22.24 million. From this, the sellers sold nearly $ 15 million in short positions.
It is moved by the short -term holders in the short term. Short -term holders (STH) have been a key to the latest upward bitcoin fluctuations. The amount of bitcoin they maintain indicates that the market shows the accumulation phase that was observed in May 2021.
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However, they hold the ideal moment to sell their holdings, which may lead to a sharp decrease in the BTC price scheme. This scenario can happen near the $ 100,000 sign, which may delay the BTC Rally.
Data from INTOTHEBLOCK indicates a height in Netflow in Bitcoin. This scale has climbed since February 16 and is currently about 1.82 thousand BTC. This indicates that the volume of flow continues to overcome the volume of the external flow.
This means that investors transfer their property to exchanges, thus enhancing exchange reserves. As a result, this may create a sale pressure that may delay the continuous recovery gathering of Bitcoin.
Currently, the financing rate rises sharply with 0.006 %. It indicates that buyers are now controlling. In addition, the long/short percentage rises, currently at 1.1725, hinting over the rise of climbing pressure. Currently, 54 % of traders expect the BTC price to correct up.
What is the next BTC price?
The Bitcoin price rises, as it faced increased purchase confidence about a decline of $ 95,000. Currently, Bitcoin is gaining the continued demand for purchase of demand after a height of 97 thousand dollars. However, the bears may soon appear to put this recovery gathering. Currently, Bitcoin is trading at $ 97777, which is a 1.9 % increase over the past 24 hours.
The BTC/USDT trading pair is now looking at a sign of $ 100,000 as buyers bear more control over each Fibonacci channel. If Bitcoin persists in this momentum, we may see that it reaches 102 thousand dollars. Since the RSI level is now hovering inside the purchase area, buyers will strongly defend a decline in the price scheme.
However, if Bitcoin is not able to keep up with this pace, sellers may decrease the price to below 95 thousand dollars. At this level, Bitcoin may be patient with buyers and failure will unify the price above 92 thousand dollars.
