Bitcoin (BTC) stock market flow rate (Bitcoin Exchange Supply Rate) has reached a 6-month low, indicating a bullish sentiment. Bitcoin price reached almost $36,000 yesterday, but failed to hold the gains and fell below $35,000 again.
Bitcoin (BTC) stock market flow rate reaches 6-month low!
Bitcoin price consolidation below $35,000 entered a new week after BTC failed to maintain gains above $35,000 yesterday. The top cryptocurrency recorded a daily high of $35,939 before heading back below $34,000. The price of the top cryptocurrency has moved between $30,000 and $40,000 since the market turmoil in May that saw nearly half of the crypto market valuation wiped out.
The latest data from
Santiment shows that the Bitcoin stock market flow rate has reached the lowest level since January and hit a 6-month low. A drop in stock market flow is considered a bullish sign as it indicates that investors expect the Bitcoin price to move upwards.
Declining stock market flow points to two key sentiments for Bitcoin price!
Bitcoin lost about 50% of its value during the May market sell-off, which approached $30,000 from its April ATH of $64,689. While the bearish trend is more dominant in the current market, analystsdollarser estimates that we have not yet reached the top of the market.
The falling stock market flow points to two key sentiments for BTC price: First, it reduces the risks of the second week of May, such as sales, and second, the market is less active and drying up. Along with the drop in stock market flow, BTC trading volume also dried up.
Analisdollarser: BTC price must seize above $36,000 position!
Analisdollarser suggests that BTC price must seize its position above $36,000 before it sees any bullish bias. The top cryptocurrency has failed to maintain gains above $35,000 in the last two events over the past few weeks. A move above $36,000 will help the top cryptocurrency break out of the current price consolidation range and possibly resume its bull run again.
BTC price also printed a rare buy signal recently as the Puell Multiple fell below the 0.3 mark. The combination of these factors indicates that the Bitcoin price is preparing to emerge from its current dormant state. Cryptocoin. com
As we previously reported as , for more BTC news “Will July Be Profitable For Bitcoin Investors?”
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