Last night, the US announced the CPI data, which met market expectations. In the past, CPI releases have been major events, but this time, due to the Middle East situation, the market paid less attention to the data. As a result, the US stock indices moved without clear direction, and BTC remains hovering around the $70,000 resistance level. Although it seems to be stabilizing in the short term, market sentiment remains pessimistic, so whether $70,000 can hold is still uncertain. Ultimately, it depends on the development of the Middle East situation.
Recently, BTC price has pulled back from last week’s high of $74,000 to around $70,000. During this decline, according to CryptoQuant’s Binance exchange net flow data, there have been frequent strong negative peaks, indicating that investors are withdrawing BTC from exchanges during the downturn. However, occasional net inflow peaks, combined with falling prices and coins flowing into exchanges, suggest that selling pressure has not completely disappeared.
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