Usa markets Bitcoin Bitcoin Price Usa

4 signs the Bitcoin price rally could top out at $26K for now

Reading now: 760

Bitcoin (BTC) received a substantial boost this week as United States inflation levels for February were in line with market expectations.

On March 14, the BTC/USD pair surged to a 2023 peak at $26,550 after the news.But, while the macroeconomic conditions may currently favor risk-on buyers, certain on-chain and market indicators hint at a potential correction in the near term.On March 13, Glassnode’s exchange flow data recorded the most significant inflow to exchanges since May 2022.

This means more supply on exchanges and potentially higher selling pressure.The coin days destroyed indicator, which measures the time-weighted transfers of Bitcoin, also shows a small spike, indicating that old hands are moving coins.

The indicators might signal profit booking by long-term holders, which can lead to a correction.Moreover, the funding rate for Bitcoin perpetual swaps is also elevated with the latest Consumer Price Index print.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News