Bitcoin’s Exchange Inflows Slump, Raising Potential for Next Leg Up
In line with the latest statistics, $BTC inflows to the well-known crypto exchange Binance have gone through a sheer drop to only 5,147 $BTC. This figure is less than even the 50% of the levels recorded during the former bear market phases. The respective substantial decrease takes place despite Bitcoin trading above the $107K mark.
Back in December last year, when Bitcoin was changing hands below $100Kk, its 30-day moving average inflows touched 13,200 $BTC. However, the present decrease highlights that the Bitcoin investors are more unwilling to sell, rather than choosing to hold and buy. This signifies a noteworthy shift from the previously witnessed behavior.
Bullish Momentum Signals $120K Target
Based on the historical data, surges in Bitcoin’s inflows into centralized crypto exchanges have pointed toward short-term market peaks because of heightened selling pressure. In this respect, during the collapse of FTX back in 2022, inflows surged to 24K $BTC. This displayed investor panic as well as hurry to liquidate their holdings.
On the other hand, the current dip in the inflow levels suggests a minimized desire for $BTC conversion into money, presenting longer-term conviction of the community in the flagship crypto asset. Moreover, Bitcoin has effectively reclaimed the 50-day exponential moving average, raising speculation of a bullish breakout. Overall, if the ongoing momentum continues, Bitcoin ($BTC) could see its next stop at $120K as community optimism grows.
