BTC Anticipates Volatility after Massive Exchange Inflow
- Bitcoin (BTC) managed to maintain over $46,000, receiving support from the 200-D SMA.
- The leading cryptocurrency expects massive volatility after a 1.68 million Bitcoin exchange inflow. Keep in mind that the asset has never seen such figures since 2019 June.
Bitcoin appears ready to trade over $47,000 after this week saw plummets dominating. BTC has pulled down the overall market since the rejection at $50,000 levels. Most altcoins dropped their values after the flagship token struggled to register upside movements.
As much as multiple support levels failed to sustain Bitcoin’s uptrends, the 200 days SMA near $46,000 halted price correction. If the asset recoils from these zones, Bitcoin will have enough strength to battle the resistance level near $47,000. That can see it regaining the lost momentum to explore the $50,000 zones.
BTC Maintains Vital Support
According to Santiment, an analytic site, Bitcoin made a historic move as far as the exchange inflows are concerned. The crypto has never witnessed such inflows since June 2019. With that, investors need to beware of upcoming volatility. Such moves will come if the market retains its current outlook.
Bitcoin’s Record High Inflows
Keep in mind that magnified exchange inflows mostly translate to increased volatility. Holders tend to offload their holdings when sending more BTC tokens to exchanges. That is why Bitcoin seems poised for massive swings in the sessions to come. Keep in mind that the token appears close to touching critical support, confirming upcoming price fluctuations.
If the crypto breaks the 200-d SMA, it will see increased sell orders, taking Bitcoin lower towards $40,000. Moreover, the MACD (Moving Average Convergence Divergence) indicator showcases a sell gesture, confirming the pessimistic attitude.
On the other side, the RSI indicates bearishness, suggesting extended pulldowns. If the leading asset claims the $44,000 to $42,000 support, it will prevent plunges towards $40,000. That might need the correct catalysts and overall market push.
Meanwhile, Bitcoin maintaining the support near the 200-d SMA could encourage buyers to step up. Such action will see BTC closing its gap towards $50K. Analysts believe that BTC will rally higher.
What are your thoughts on the content above? Comment below.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
