Bitcoin bulls appear reluctant to buy dips after BTC’s repeat failures to secure a close above $98,500.
Bitcoin (BTC) has been trading below the psychologically critical $100,000 level for the past few days, signaling a lack of aggressive buying at lower levels. CryptoQuant contributor J. A. Maartunn said in a Quicktake blog post that Bitcoin “flowing out of derivative exchanges and into spot exchanges” suggests the start of a bearish phase.
The large outflows from cryptocurrency exchange-traded products (ETPs) last week suggest that the market participants are turning cautious in the near term. According to a CoinShares report, Bitcoin ETPs witnessed $430 million in outflows in the previous trading week, possibly triggered by macroeconomic concerns and the hawkish remarks by the US Federal Reserve Chair Jerome Powell.
Daily cryptocurrency market performance. Source: Coin360
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