After encountering significant resistance around the $94,000 local high, Bitcoin has retraced to a psychological and technical key support at $90,000. Interestingly, this price correction coincides with a significant change in on-chain dynamics. Here are the details.
Exchanges Record Netflow Shift
In a QuickTake post on CryptoQuant, pseudonymous market analyst The Enigma Trader explains that the Bitcoin market has seen an apparent temporary shift from its accumulation phase in December last year. The relevant indicator here is the Bitcoin: Exchange Netflow (Total) – All Exchanges metric, which tracks the net amount of BTC entering or leaving all centralized exchanges.
Typically, a negative reading from the metric reflects reduced inflows of BTC into exchanges, indicating that less BTC is being transferred to exchanges to be sold or “exchanged,” and that more is being withdrawn. On the other hand, a positive reading indicates that more Bitcoin is being sent out to be
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