Bitcoin [BTC]: Trend reversal on the horizon? Analysts say…

ambcrypto.com:

For the last few days, the crypto market has been on a bullish streak, causing the prices of most cryptos to rise. Bitcoin [BTC] , the market leader, also benefited from the situation. 

According to CoinMarketCap, BTC’s price was up by more than 3% and 13% over the last 24 hours and the last seven days, respectively. At the time of writing, BTC was trading at $24,482.41 with a market capitalization of more than $472.4 billion. However, the table might turn soon. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

CryptoOnchain, an author and analyst at CryptoQuant, posted an analysis on 17 February, which suggested BTC’s good days might soon end. As per the analysis, there was an increase in the inflow of Bitcoins to exchanges and the outflow of stablecoins from exchanges – a bearish signal. 

Source: CryptoQuant

A few other metrics also looked bearish for BTC. For instance, Glassnode Alerts revealed that Bitcoin’s balance on exchanges reached a one-month high of 2,267,202.721 BTC.