Bitcoin Correction Imminent: High Inflow Triggers Crypto Market Uncertainty

By Lola Coin Jun 26, 202386Views

The global cryptocurrency market has experienced a significant increase of around $150 billion in just two weeks due to the recent bull run. However, as selling pressure intensified, a notable downtrend occurred. Despite bitcoin (BTC) being down by 1.35% in the past 24 hours, data from CryptoQuant suggests that there is still a possibility of a correction for the largest cryptocurrency. The rise in bitcoin’s price has typically aided in the global crypto market cap gaining traction. The bitcoin exchange inflow mean has risen above the average 15 BTC mark to 18.45 coins, indicating a potential correction in the near future. This situation may result in short-term traders earning significant profits, further contributing to the downtrend. Meanwhile, bitcoin’s price has risen by 0.7% in the past hour to trade at $30,500, accompanied by a 3% surge in 24-hour trading volume.

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