• Bitcoin recently saw a spike in its mean inflow as netflow turned positive.
• CryptoQuant data warns of an impending price correction and raised concerns for investors.
• BTC was experiencing a downward trajectory over the three days, trading at around $30,400.
Bitcoin Reaches $30K Milestone
Bitcoin recently surged past the $30,000 price mark, rewarding its holders with profitable returns.
Mean Inflow Indicates Potential Price Correction
CryptoQuant data suggested that Bitcoin could be preparing itself for another round of price correction due to the surge in Mean Inflow which exceeded 15 and reached 18. This signals a strong possibility of a correction in the coming hours.
Netflow Turns Positive
The Netflow metric on CryptoQuant revealed a notable shift from negative to positive after several days; indicating an increased influx of the asset into exchanges. Although not substantial yet, if this trend persists it could potentially indicate an upcoming correction.
BTC Experiences Downward Trajectory
The current daily price trend of BTC suggested that a price correction may already be underway, with BTC trading at around $30,400 but experiencing slight losses under 1%.
Investors Cautious Amidst Uncertainty
Increased inflows and declining indicators raise concerns for investors as no one is certain where Bitcoin’s journey will take it next.