CryptoQuant Says Bitcoin Flows Hit Extreme Levels for Six Straight Days, Echoing Past Price Drops
JH Kim
Summary
- CryptoQuant said capital flows into and out of the Bitcoin (BTC) market have remained at extreme levels for six straight days.
- Cointelegraph reported that Axel Adler Jr. said similar flow patterns in the current cycle were followed by declines in Bitcoin's price.
- Adler said the pattern does not necessarily mean Bitcoin's price will fall again, though it could point to short-term volatility.
Forecast Trend Report by Period
Capital flows into and out of the Bitcoin market have reached extreme levels for six consecutive days.
Cointelegraph reported on September 3 that Axel Adler Jr., a CryptoQuant contributor, said Bitcoin inflows and outflows have remained at extreme levels for six straight days.
Adler wrote that similar flow patterns seen during the current cycle were followed by declines in Bitcoin's price.
He added that the pattern does not necessarily signal another drop ahead. Still, based on trends observed in past markets, it could point to short-term volatility.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.