Bitcoin Indicator That Precedes Major Bull Runs Flashes Again

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Bitcoin has fallen by almost 3.5 percent after establishing its year-to-date high at $15,977 last week. But despite risks of extended downside momentum looming, a fundamental indicator sees the cryptocurrency in a strong buying zone. The so-called “All Exchange Inflow Mean,” or MA7, measures the average Bitcoin deposits made across all exchanges on a 7-day timeframe. When the metric tops out, Bitcoin signals a rebound to the upside, at least according to the indicator’s creator CryptoQuant, a data aggregation platform. Exhaustion in Bitcoin inflows means that traders are switching their selling sentiment to “HODL.” They keep lesser and lesser cryptocurrency units in their exchanges’ wallets that leads to lesser liquidations. The CryptoQuant chart below illustrates the relationship between the Bitcoin price and MA7. Bitcoin Inflow and price correlation. Source: CryptoQuant The latest instances show that Bitcoin trends upward on signs of a pullback from the MA7 indicator. Most recently, the…

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