Over $9.4 B in Bitcoin (BTC) Moves to Exchanges As Glassnode Heatmap Flags $107K Safety Net
The post Over $9.4 B in Bitcoin (BTC) Moves to Exchanges As Glassnode Heatmap Flags $107K Safety Net appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) could decline to around $107,000 and $109,000 in the near term. Over $9.4 billion worth of assets have been moved to centralized exchanges. An analyst has observed that the recent rally lacked retail interest, and could spell doom for the market. Bitcoin (BTC) faces one of its major bearish tests in days as profit-taking actions increase its reserves on various centralized exchanges. Reviewing CryptoQuant data, we found that more than 80,810 BTC ($9.4 billion) was moved to exchanges yesterday, July 15, increasing selling pressure and forcing the price to plunge below $118k. Source: CryptoQuant According to our analyst’s interpretation, exchange inflows suggest holders are preparing to offload. Historically, this precedes a significant price fall to a major accumulation zone. Confirming this potential downtrend, 21Shares crypto research strategist Matt Mena highlighted a structural imbalance between the demand and supply, increasing the possibility of a prolonged correction. On another observation, Bitwise head of research André Dragosch pointed out that retail investors did not largely support the recent Bitcoin rally. According to him, there was a massive decline in Google search interest for the term “Bitcoin” even when the price was approaching its new all-time high. Above all, Dragosch expects the situation to get even worse if US President Donald Trump proposes a tariff. Earlier, Trump described Federal Reserve chair Jerome Powell as “too slow and late”, as highlighted in our previous news brief. In a different story we reported on, Trump even threatened to fire him. If Trump’s proposed tariffs end up being more severe than markets currently anticipate, or if Powell signals that rate cuts are further off than expected, we could see risk assets broadly reprice lower, including Bitcoin. Major Support Ranges for Bitcoin (BTC) Per our research, the $93,000–$97,000 and the $101,000–$109,000 ranges acted as strong buying…
