BTC’s Price Drops Below $20K as Exchange Inflow Volume Surges

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• Data from Glassnode Alerts shows Exchange Inflow Volume for BTC has surged.
• BTC is now trading under the $20k level following a 5.13% drop.
• The weekly performance for BTC is now in the red as well.

Data tweeted by Glassnode Alerts this morning shows that the Exchange Inflow Volume (7d MA) for Bitcoin (BTC) has just reached a 4-month high of $34,817,889.91. The data added that the previous 4-month high of $34,722,743.04 was observed on 22 July 2022.

The price of BTC now stands at $19,800.57 after it dropped 5.13% over the last 24 hours, according to the crypto market tracking website, CoinMarketCap. The recent drop in BTC’s price has also pushed the weekly performance of the market leader into the red as well, as BTC’s price is now down 3.92% over the last 7 days.

BTC’s daily trading volume has risen by 66.94% to take the total to $67,563,749,149 at press time.

Daily chart for BTC/USDT (Source: CoinMarketCap)

BTC’s price has sunk below the daily 20 and 50 EMA lines, and is now resting on the support level at $19,750. The daily 20 EMA line is still positioned above the daily 50 EMA line, which is a bullish sign. However, a bearish flag has been triggered over the last 2 days as the daily RSI has crossed bearishly below the daily RSI SMA line.

If this support level fails to hold, then BTC’s price may drop to $19,000. However, if today’s daily candle is able to close above the daily 50 EMA line today, then BTC’s price may look to make a move above $21,000 again. A bullish thesis may be invalidated for the next few days given the amount of sell volume that has flooded BTC’s charts.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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