Bitcoin hovers around $97,000 as market sentiment shifts bearish. Recent data shows massive exchange inflows totaling $1.4 billion. This surge in exchange deposits could signal upcoming selling pressure.
Market Analysis
IntoTheBlock reports $1.04 billion moved to exchanges last week. This influx reversed three weeks of outflows. The shift suggests growing uncertainty among Bitcoin holders.
Transaction fees dropped 10.74% from last week. Lower network activity often indicates reduced market interest. This metric traditionally correlates with price momentum.
ETF Impact on Market Dynamics
Spot Bitcoin ETFs show concerning trends. Data reveals $651.83 million in outflows last week. This marks the largest withdrawal since September 2024. Institutional investors appear to be taking profits or reducing exposure.
Technical Outlook
Bitcoin faces key price levels:
- Support zone: $94,660 – $97,540 (1.43M BTC demand wall)
- Resistance zone: $97,650 – $99,470 (1.16M BTC supply wall)
A break above $99,470 could push Bitcoin past $100,000. However, increased selling pressure might trigger a deeper correction below $94,660.
Current market conditions suggest caution. Large exchange inflows often precede significant price movements. Traders should monitor key support levels closely.
Tags: Bitcoin, Cryptocurrency Markets, ETF Flows, Technical Analysis, Market Sentiment
Source: Bitcoinist