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Bitcoin supply squeeze? Here’s what BTC traders should know
['Gladys Makena', 'Ritika Gupta', 'Evans Boto', 'Kelvin Murithi', 'Olayiwola Dolapo', 'Gladys Makena Is A Cryptocurrency Technical Analyst At Ambcrypto With Three Years Of Dedicated Experience In Analyzing Digital Asset Markets. She Specializes In Price Action Analysis', 'Employing A Suite Of Technical Indicators To Identify Trends', 'Forecast Market Movements', 'Pinpoint Key Support', 'Resistance Levels.']
AMBCrypto
Since hitting a low of $109k a week ago, Bitcoin [BTC] has experienced strong upward momentum, hitting a high of $123,966.
Bitcoin inflow on Binance hits historical lowsAccording to CryptoQuant’s analyst Darkfost, Bitcoin’s Inflows (30DMA) have dropped to an all-time low, slipping below 5.4k BTC.
Historically, BTC inflows into exchanges have spiked when prices rebound, as holders turn to profit-taking.
Since 2020, average Bitcoin inflows to exchanges have typically been around 11,000 BTC, double the current levels.
If exchange inflows remain low backed by whale demand, BTC will reclaim $123,700, test its ATH at $124,517, and target another high.