- A measure of exchange flows showed that BTC and ETH may be at the bottom for local prices.
- Market sentiment is not bullish, and the behavior of holders at critical support levels will be crucial for the next Price change
Bitcoin [BTC] The following are some examples of how to get started: Ethereum [ETH] Bulls tried to change the dynamic of the market in their favor. Due to the huge losses over the past 10 days, it was expected that the buyers would stop the sellers.
Ethereum’s MVRV and NVT ratios This asset may be overvalued. Short squeezes could occur in the $3500 liquidity pocket, however momentum was otherwise bearish.
Another BTC investigation revealed that mining activity Miners are now selling Bitcoin. The selling pressure has begun to ease in the last two days.
AMBCrypto looked at both asset movements from the exchanges in order to assess the sentiment of the market. Bulls haven’t got much to be excited about yet.
What does exchange netflow indicate?
This metric provides valuable information about the exchange market. If the flow is positive, this shows that inflows have increased.
The fact that the participants have sent the cryptos to the exchanges is an indication of possible selling pressure.
A value below zero indicates that the outflows have been greater. This is good news for buyers.
This indicates that traders are removing their assets and storing them safely.
To better understand exchange flows, we used the 30-day moving averages. In mid-March, and towards late May, ETH flows were significant.
The price of both incidents was at a high.
Net flow has been heavily negative in the last one month. This is a sign of accumulation. The outflow slowed over the past 8 days but still remained at a negative level.
Bitcoin also saw a consistent increase in both February and March. The 30DMA shows that BTC flow out of exchanges continues to be dominant.
The BTC flow spiked in late April, and again on May 21st, but these were anomalies.
Bitcoin and Ethereum heading towards a consolidation
AMBCrypto’s analysis of IntoTheBlock’s in/out money data highlighted the key regions of support.
Money in/out around the price revealed that Ethereum is a very strong supporter between $3080-$3180, and $3280-3381. Similar, $3486-$3586 also represents a strong resistance.
You can read more about it here Bitcoin’s [BTC] Price Prediction 2024-25
Bitcoin is supported by a range of $59,450 to $61,263, and it faces resistance between $63,148 and 64,960.
It was possible that both of the crypto market leaders’ current consolidation could remain within this range and result in a price range.
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Source: ambcrypto.com