- Bitcoin has broken a long-running exchange inflows streak.
- The feat signals a significant shift in market dynamics.
- Analysts continue to call for higher prices ahead of the halving.
Bitcoin appears to have regained its bullish momentum this week as it has quickly erased losses incurred in the nearly month-long correction following the SEC’s approval of spot Bitcoin ETFs. Recently, crypto analytics platform IntoTheBlock has revealed that amid this uptick, a key metric to gauge the buying or selling pressure on the asset has flipped positive.
Bitcoin Ends Exchange Inflows Streak
In an X post on Friday, February 9, IntoTheBlock disclosed that Bitcoin had broken an eight-week-long streak of net inflows to exchanges, indicating a shift in market dynamics with demand now outweighing supply. The platform noted that the asset had net outflows totaling $300 million.
The market shift comes as whales have been increasingly active in recent weeks, accumulating more Bitcoin. As DailyCoin reported on Thursday, February 8, this class of investors with Bitcoin holdings exceeding 1,000 BTC has grown by over 3% in the past two weeks, with 73 new members joining the class. At the same time, crypto analytics platform Santiment noted that these investors’ holdings are now at a 14-month high.
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At the time of writing, Bitcoin continues its upward momentum even as analysts envision moves to yearly highs.
Bitcoin to $48K Next?
Amid the recent market rally, several analysts have tipped Bitcoin to reclaim highs around $48,000. One of these analysts is MN Trading founder Michaël van de Poppe. The analyst has suggested that the asset may breach the $48,000 level to trade as high as $51,000 in the short term as part of a pre-halving rally.
At the time of writing, Bitcoin is slightly shy of the highly anticipated $48,000 price point, trading at around $47,200. In the case of a price correction, however, prominent analyst Ali Martinez has highlighted support at about $42,560, noting that the asset faces short-term resistance at $47,360.
On the Flipside
- Despite Bitcoin’s recent positive strides, the asset remains over 31% below its all-time high of $69,000.
- The current market dynamics can always shift.
Why This Matters
The switch to Bitcoin exchange outflows suggests strong investor confidence and belief that the asset will likely trade higher.
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Read this for more on Bitcoin’s recent price action:
Is the Bitcoin Correction Over After Break Above $44.5K?
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