Bitcoin’s brief rally to $100K triggers record 5.4K BTC monthly outflow
Bitcoin price sold-off today, but heavy demand below $98,000 is prepping the market for the next leg higher.
Bitcoin (BTC) closed a daily candle at $102,180 on Jan. 6 after another round of positive ETF inflows worth $978.6 million. However, prices dropped sharply on Jan. 7 as traders expected BTC to retest the $100,000 level.
Despite these short-term BTC drawdowns, significant investor activity was observed on major exchanges, indicating a bullish urgency.
Burak Kesmeci, a verified analyst at CryptoQuant, highlighted that the 14-day simple moving average (SMA14), which tracks Binance’s netflow, has turned negative. As illustrated in the chart, each time the SMA14 has turned negative, BTC has exhibited a bullish shift in the charts.
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Author: Biraajmaan Tamuly
