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Home Markets Cryptos

Bitcoin remains above $40K, as net flow on exchanges stay negative

Leading altcoin, Ethereum, remains above $2,800.

Olumide Adesina by Olumide Adesina
March 21, 2022
in Cryptos
Bitcoin
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In spite of bitcoin’s price falling significantly Monday morning after reaching a high of $42K last week, BTC continues to trade above $40K while the leading altcoin, Ethereum, remains above $2,800.

Bitcoin’s net flow is also negative, as traders move their funds away from exchanges.

There may be a supply shock in the future, when demand for the pioneer crypto-asset reaches 2021 levels, due to previously massive outflows during the correction period.

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Optics

  • There have been two crucial levels of supply and demand for Bitcoin since early 2022. It appears there is a lot of interest in the form of bids and stop-losses above $45K, and therefore this is an important level to watch.
  • Bitcoin has been prevented from plummeting to lower levels by the $38K support zone on the 4-hour time frame.
  • In addition, the price is near its previous pivot and below a short-term resistance level around $42K, which increases the chances that a double top is forming. The $45K supply zone will be open to Bitcoin if the threshold is surpassed.
  • While the Bitcoin price chart might change anytime, it currently looks better than it has for quite some time
  • Analysts have previously warned that there has been a real shift in Bitcoin price action, with experts predicting that an uptick would likely not last and eventually lead to new lows.

In addition to economic and market factors that could affect traders’ desire to move funds away from centralized entities, limitations imposed on cryptocurrency exchanges by regulators recently caused investors who kept their holdings on exchanges to panic.

As traders started actively moving funds to noncustodial wallets with one-sided access, the statements prompted outflows from all major exchanges.


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Tags: altcoinBitcoin
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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