Bitcoin’s selling intent hits 10-year low – But THESE 2 metrics flash caution
Bitcoin has maintained its position above $70,000 for three consecutive days, trading at $71,021 at press time despite a slight daily decline. While sell-side pressure has significantly decreased—with exchange depositing addresses hitting a 10-year low of 31,000 daily—suggesting reduced intent to sell, the market continues to show weakness. This decline in depositing activity, along with a drop in the Exchange Supply Ratio to near 2018 lows, indicates exhaustion in selling pressure. However, institutional selling via Bitcoin ETFs has persisted, with $283 million in outflows over two days and negative net inflows for 9 of the past 14 days. Key momentum indicators remain bearish, reflecting a lack of bullish conviction. If the current trend continues, BTC may fall below $70,000, potentially testing $66,000 as support. A reversal would require holding above $70,000 to target $74,200.
ambcrypto04/09 11:03
