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- The exchange experienced a significant influx of 14,924 Bitcoin, marking the highest amount on Kraken since 2018.
- If the price falls below the $27,410 support level, it may likely drop to the $26,070 level.
A recent analysis by crypto market data analytics firm CryptoQuant determined that the growing interest in Bitcoin (BTC) is a favorable indicator for its price. However, researchers noted that interest remains low and that no new capital is entering the ecosystem, implying that the peak of the bull market is still some time away.
According to Google Trends, the last significant surge in interest for BTC occurred at the beginning of November 2021. Shortly after that, BTC reached an all-time high of approximately $69,000.
Kraken, a cryptocurrency exchange, has recently recorded the largest Bitcoin deposit into its reserves in several years, based on blockchain data. CryptoQuant indicates a substantial inflow of BTC into the exchange, sparking speculation about significant profit-taking in the near term.
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The exchange experienced a significant influx of 14,924 Bitcoin, the highest on Kraken since 2018. High-volume exchange inflows have generally been associated with profit-taking and increased selling pressure.
Bulls Striving Hard
As of the latest update, BTC is trading at $27,590, reflecting a 0.06% increase over the past 24 hours according to data from CMC. Additionally, the trading volume has decreased by 28.57%. Despite the recent pullback, BTC has risen by 4.62% over the last week. Bitcoin is making efforts to maintain its bullish momentum despite the brief retracement.
Source: CoinMarketCap
If the price successfully breaks above the $27,660 short-term resistance level, it may likely test the $28,440 level. Should bulls manage to surpass this resistance, the price could potentially rally all the way to the $30,430 support area.
Conversely, if the price falls below the $27,410 support level, it may likely decline to the $26,070 level. A further drop could lead to the price testing the key support level of $25,000.
