As Bitcoin surges past $30,000, CryptoQuant data warns of an impending price correction. Increased inflows and declining indicators raise concerns for investors.
Furthermore, in a recent post, CryptoQuant highlighted a significant surge in Bitcoin’s Mean Inflow. The metric serves as a measure of the average amount of BTC per transaction flowing into exchanges.The hourly inflow chart witnessed a notable spike, surpassing the thresholds of 15 and reaching 18. Such a surge in the mean inflow signifies a considerable influx ofWhen multiple exchange inflows with a mean above 15 occur, it often signals a strong possibility of a correction in the coming hours.
As of this writing, the netflow stood at over 2,700 BTC, indicating an increased influx of the asset into exchanges. While the volume of inflows may not be substantial at this stage, the persistence of this trend could potentially indicate an upcoming correction.The current daily price trend of BTC suggested that a price correction may already be underway. Notably, BTC was experiencing a downward trajectory over the three days.
As of this writing, the king coin was trading at around $30,400. Although it remained within the $30,000 price range, it was trading at a slight loss, albeit less than 1%.BTC was recently in the overbought zone of its Relative Strength Index . While it was still overbought, it gradually moved out and may drop below it if the price decline persists.
Nevertheless, both the Moving Average Convergence Divergence and the RSI indicated that BTC was still following a bullish trend at press time.
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