CryptoQuant says Bitcoin could be reaching a temporary ceiling after hitting a multi-month top of $76,000 on Wednesday, with investors moving Bitcoin in bulk to exchanges.
Bitcoin deposits to crypto exchanges surged on Tuesday as it rallied above $76,000, suggesting it is hitting “near-term selling pressure” as investors move their coins into a position for sale, according to CryptoQuant.
In a report on Wednesday, CryptoQuant said the size and rate of Bitcoin (BTC) inflows to exchanges have increased since the rally, with hourly inflows spiking to 11,000 BTC, the highest since December.
CryptoQuant said it is a “historically reliable warning signal of near-term selling pressure, as holders move coins to exchanges in preparation for potential distribution at key resistance zones.”
