Bitcoin inflows to exchanges spike as BTC hits resistance at $75K
According to data from CryptoQuant analysts, there has been a sharp increase in the inflow of Bitcoin to cryptocurrency exchanges recently. This may indicate an increase in selling pressure on the first cryptocurrency as its price approaches the psychologically significant level of $75,000.
The resistance at the $75,000 level is quite strong, as this price level was recorded in early November last year during the previous Bitcoin rally. Many traders and investors who bought Bitcoin at lower prices may want to lock in their profits, thereby triggering a slight corrective decline in the price.
It is worth noting that in the past, a sharp increase in the inflow of coins to exchanges often preceded corrections in the cryptocurrency market. Thus, if this trend continues, we may see a slight decrease in the price of Bitcoin in the near future, which, however, is unlikely to last long. Many analysts predict that in 2023, the first cryptocurrency will be able to update its all-time highs and exceed the $100,000 mark.