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Bitcoin Trading Between $90K and $105K, but Accumulation Remains Evident
The cryptocurrency market is currently experiencing a crucial phase, as the price of Bitcoin (BTC) oscillates between $90,000 and $105,000. Despite this volatility, there are strong indications that the accumulation process continues to gain momentum.
According to on-chain data, it appears that demand for Bitcoin remains robust, even in the face of extreme price fluctuations. CryptoQuant’s analysis suggests that the 30-day moving average exchange inflow/outflow ratio has dropped below one, indicating a significant imbalance between outflows and inflows. Historically, this trend tends to precede short-term price increases.
While some may view the current situation as precarious, there is also evidence that the Bitcoin market is merely reverberating through an accumulation phase. In fact, since reaching its last peak on September 16th, Bitcoin has been consolidating and gathering momentum for a significant upswing.
This dynamic mirrors historical patterns, which have consistently seen sharp rallies follow extended corrections. Furthermore, both daily and weekly charts reveal increased pressure within the market, as the Choppiness Index reaches values of 62 and 72 respectively.
Source: cryptopotato.com
