Bitcoin and altcoins rallied last week, supported by spot Bitcoin ETF filings, with BTC and altcoins posting their strongest weekly gains since March.
BTC, which went up to $ 31,000, started the new week strong, even though it was rejected from here.
In this context, Bitcoin made a strong start to the new week and managed to stay above $30,000.
As BTC continues to hold above $30,000, CryptoQuant said there could be a correction in BTC.
Noting that the Bitcoin inflow to the exchanges has increased, CryptoQunat analyst stated that the BTC transaction value per transaction on the exchanges has risen to over 15 and reached 18.45.
Expressing that there is a strong correction possibility after the BTC average transaction value on the exchanges is above 15, the analyst said:
“The average of BTC inflows to exchanges has exceeded 15.0 in the last hour.
The current value is 18.45. This means that the average amount of BTC transactions per transaction flowing to exchanges is more than 18.
At this point, when the BTC transaction average is above 15 and the BTC stock market entry is triggered, there is a strong possibility of correction.”
$BTC inflow mean went above 15.0 in the last hour
"When multiple exchange inflows with a mean above 15 triggers, there is a strong possibility of a correction within the next few hours."
by @onchain_edge— CryptoQuant.com (@cryptoquant_com) June 26, 2023
The analyst, who also gave advice to investors in the face of a possible correction, said that they could take profit from their current position or open a short position with low leverage.
We will be watching whether this retracement in Bitcoin, which fell to the level of $ 29,900 today, was the correction that the CryptoQuant analyst was waiting for, or if there would be another correction in BTC.
Bitcoin is at $ 30,216 at the time of writing.
*Not investment advice.
