Bitcoim momentum weaker after BTC inflows to Coinbase PRO 📉

Cryptocurrencies continue to remain in consolidation, with Bitcoin forced to defend $19,000 levels and Ethereum once again settling below $1,300:

• The Fidelity Fund remains positive about Bitcoin's limited supply against fiat currencies, stressing that investors may want to have exposure to BTC in an environment of an overvalued dollar and currency market turmoil (interventions in the pound or yen market);
• The Bitcoin market gained doubts about a further rally in the stock market's footsteps after CryptoQuant disclosed information about the inflow of 48,000 BTC worth nearly $1 billion into the institutional cryptocurrency platform offered by Coinbase PRO. It is still uncertain whether these bitcoins will actually be sold, although BTC inflows from private wallets to exchanges have historically suggested growing interest in sales.

BTC inflows to exchanges reached the second-highest in the entire year. Through this fact, supply pressures are growing, with some investors expecting another wave of selling as institutions decide to liquidate BTC from their portfolios. Source: CryptoQuantBitcoin, H4 interval. The chart of the major cryptocurrency is starting to look interesting especially if we look at the SMA200, which is hovering ever closer to the price of the cryptocurrency. The average runs at $19,350, so Bitcoin would only need a 1% rise to re-enter above it. However, the average was negated after the previous successful attack, and the quote returned to the area of $19,000. Forced to go on the defensive, Bitcoin is struggling to stay between the SMA200 and SMA50 averages, however, the scenario of a path south and a break of the short-term trendline is still possible in an environment of inhibiting euphoria on US indices. Another big sell-off would likely open the way for Bitcon to hit new yearly lows. Source: xStation5

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