Analyst Predicts Bitcoin Rally as Exchange Inflows Hit “Severe Lows”

Depositphotos 18031691 s 2019 560x420

Bitcoin inflow into crypto exchanges slows down as price treads sideways in a very narrow trading range. One analyst sees the trend moving in favor of bulls based on data provided by Santiment, a crypto-focused behavior analysis platform. Historically, a declining amount of deposits into the exchanges have led the Bitcoin rate higher. Not many traders are depositing their Bitcoin into exchanges. And it is suitable for the cryptocurrency. So says the data provided by an analyst. On Tuesday, he shared a chart supplied by Santiment, a crypto-focused behavior analysis platform, which showed a unique relationship between exchanges’ Bitcoin balances and its price. So it appears, a declining BTC credit typically prompts the cryptocurrency price to grow higher. The analyst noted a similar pattern taking place presently. He highlighted that BTC’s exchange inflows are at their “severe lows.” There has been no selling interest – and the longer the Bitcoin…

Read the original article here