Số lượng Bitcoin chảy vào sàn giao dịch tăng mạnh

The amount of Bitcoin ‘poured’ into the exchange increased sharply

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The amount of Bitcoin flowing into the exchange increased sharply

Exchanges are now seeing a sharp increase in Bitcoin deposits, reaching the highest level as of March 2020.

April, the time when Bitcoin constantly makes new records with ease. Many believe the asset will head towards $100,000 after peaking at a price near $65,000. However, the decline started to come after Elon Musk’s tweets and a series of bad news from China.

Since then, Bitcoin has lost about 50% of its value in just two months, now trading around the $30,000 mark. With the latest data, analysts say that worse still awaits Bitcoin ahead.

Specifically, studies from analytics platform CryptoQuant show that the daily amount of Bitcoin deposited into exchanges has recently spiked. This is the highest increase since the crash that took place in mid-March 2020.

Notably, the crash in March last year caused BTC price to drop by 50% in just one day, bottoming out at just under $4,000.

Bitcoin flows into spot exchanges

Besides, the 50-day MA crossed below the 200-day MA, almost putting an end to BTC’s rally. History shows that similar developments have previously led to adverse price movements.

In addition, other reports indicate that institutional investors have not only stopped allocating funds to Bitcoin-related products, but have also started making significant withdrawals from the crypto market.

The above signs and analysis are considered worrisome, signaling a bearish cycle is waiting ahead.

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