The price of Bitcoin has gone down a notch to finally settle at $37,365 after the market bulls tried to retake the level of $40,000. The continued slump comes as the entire crypto market and commodities pull back their stocks due to the comments made by Jerome Powell of the Federal Reserve about hikes in the future interest rates. There have also been growing concerns about the rising inflations which led to major declines in both gold and digital gold.
As far as data from TradingView and Cointelegraph Markets go, the price of Bitcoin did manage to climb to around $38,000 in the early hours after it went to a high of $39,500 by midday. After that, the market slump led to it going back to its low of $37,365 with the bullish bears taking major control of the crypto market.
Inflows to spot exchanges increase for Bitcoin
There has been a signal that was delivered before the price decline of Bitcoin on the 17th of June- which was increased inflows to stock exchanges that led to some traders and analysts speculating that most of the traders who did end up failing to cash out at the top were simply gaining the advantage of the lower highs to fix in the supply gains.
Since the sell-off intensified, the BTC Netflow turned into exchanges went through a noticeable uptick with the selling pressure keeping the cryptocurrency pinning at a rate below $38,000.
Although the recent inflows to exchanges of Bitcoin have reached a point of a bearish short-term outlook, it is also important to note that the whale wallets which have been holding amounts worth 100 BTC and 10,000 BTC have gone ahead and increased their crypto holdings by 90,000 BTC. When looked at from the perspective of the last 25 days, the holdings do suggest a positive outlook over the long term.
