• Bitcoin (BTC) price action remains relatively flat as on-chain exchange flows show $17.8M in weekly net flow.
• Crypto analyst Michael van de Poppe highlights BTC’s „boring price action“ as bulls struggle above $22,000.
• Global trading volume in the last 24 hours is around $38.9 billion and Bitcoin dominance hovers at 40.4%.
BTC Price Action
Bitcoin (BTC) price action remains relatively flat as on-chain exchange flows show $17.8M in weekly net flow. Global trading volume in the last 24 hours is around $38.9 billion and Bitcoin dominance hovers at 40.4%. Crypto analyst Michael van de Poppe highlights BTC’s „boring price action“ as bulls struggle above $22,000.
Net Flow of Exchange
Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week. According to popular crypto analyst and trader Michael van de Poppe, BTC is still poised for a fresh bounce higher as bulls hold above key support levels but if a new „sweep of the lows“ to $21,500 fails to hold, it could spell further losses for BTC.
Glassnode Data
Data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and outflows each week respectively.. This indicates that traders are mostly holding their positions rather than making large trades which explains why prices have not seen much movement lately compared to recent weeks when it was rallying towards an all time high of over 22k USD per coin before dropping back down again due to negative news related to Silvergate and Tether (USDT).
Price Rebound?
Despite this lack of activity, there may be signs of a potential rebound for BTC prices soon according to Van de Poppe who points out that indices have already started bouncing back up which might be an indication that similar movements will follow suit within crypto markets soon too depending on whether or not support levels near 21k are able to hold up against any further downward pressure from bears or not .
Conclusion
Overall while there hasn’t been much change in terms of overall market sentiment or prices since last week’s retreat, data from Glassnode does indicate that most traders remain bullish on Bitcoin despite its current lacklustre performance which could potentially mean good news for holders if predictions of a forthcoming rebound turn out true after all .