Key Insights:
Bitcoin price risks crashing as $9B in BTC moved to exchanges in 48 hours, raising red flags.
Bitcoin price retraces from $123K top; $110.2k and $103.5k are the next key support zones.
Price risks a drop to $98K if 0.5 and 0.786 Fib levels fail to hold.
Bitcoin price’s recent rally to a new all-time high of $123,000 may have hit a wall. In the last 48 hours, more than 69,000 BTC, worth over $9 billion, were moved to exchanges, triggering fears of an impending sell-off.
Several key metrics, including inflow spikes, long-term holder profit-taking, and weakening support levels, point to a potential retracement toward $100,000 or even lower.
$9 Billion BTC Hits Exchanges
Data suggest that a massive inflow of 69,423 BTC, equivalent to over $9 billion, was recorded in under 48 hours. This sudden move significantly deviates from the usual exchange activity.
Bitcoin Exchange Inflows Rising | Source: CryptoQuant
Just two days earlier, exchange inflows were hover
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