Some fretting signs are starting to stand for bitcoin’s price, at least in a short-term time frame. That’s according to a widely known expert.
- The rate for BTC has actually been wobbly recently, with it being unable to decisively break out in any direction.
- Last week, we saw bitcoin dipping as low as $31K just to recover and touch $38,500 days later.
- Now, however, the main cryptocurrency is trading at around $35,500 for a 4% loss on the day.
- Commenting on the most recent cost action was Ki Young Ju, the CEO at crypto analytics company CryptoQuant.
One thing that makes me concerned about BTC is exchange netflows. There are many bitcoins are streaming into exchanges recently however the trading volume is still relatively low. BTC requires more trading volume to absorb increasing exchange inflows.