- The exchange saw a massive influx of 14,924 Bitcoin, the highest on Kraken since 2018.
- If price breaks below $27,410 support level then it will likely decline till $26,070 level.
In a recent study, crypto market data analytics company CryptoQuant concluded that widespread interest in Bitcoin (BTC) is a positive sign for its value. Nonetheless, researchers have concluded that interest is low and that no fresh capital is being poured into the ecosystem, suggesting that the bull market’s top is still some time off.
Google Trends shows that the last time interest in BTC increased dramatically was at the start of November 2021. The value of BTC reached a record high of about $69,000 not long after that.
Kraken, a cryptocurrency exchange, has recently received the biggest Bitcoin deposit into its reserves in some years, according to statistics available on the blockchain. CryptoQuant reports a large inflow of BTC into the exchange, fueling rumor’s of massive profit-taking in the short term.
The exchange saw a massive influx of 14,924 Bitcoin, the highest on Kraken since 2018. High volume exchange inflows have typically been linked to profit-taking and increased selling pressure.
Bulls Striving Hard
At the time of writing, BTC is trading at $27,590, up 0.06% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 28.57%. Despite the recent retracement, BTC is up 4.62% in the last 7 days. Bitcoin is striving hard to continue the bullish momentum despite the brief retracement.
If the price manages to break above $27,660 short-term resistance level, then it will likely test $28,440 level. If bulls can breach this resistance level, then price will likely rally all the way till $30,430 support area.
On the other hand, if price breaks below $27,410 support level then it will likely decline all the way till $26,070 level. Further decline will result in price testing $25,000 key support level.
