price was trading at $56,864 at press time after a 3.6% gain in 24 hours. The gains followed a 31% increase in trading volumes, per
Data from CryptoQuant shows that on 9th September, Bitcoin inflows to spot exchanges reached 18,193, a massive jump from the 2,535 BTC posted the previous day. This was also the biggest level of inflows in seven days.The surge in inflows coincided with a recovery in BTC prices, suggesting profit-taking. It signals that traders are anticipating a bearish trend ahead as they choose to trim losses.
The profit-taking behavior is further seen in the Spent Output Profit Ratio ratio on CryptoQuant which has shifted above 1 suggesting that traders are selling to realize gains.In a typical crypto bear market, buying activity remains relatively low. This trend has appeared on the Bitcoin daily chart.
The inability of BTC to reclaim the 200-day EMA also indicates a lack of confidence among traders in a near-term price recovery.Crypto traders are also turning their attention towards the US Consumer Price Index data that will be released on Wednesday., 73% of investors price in a 25 basis points rate cut, while 27% of investors anticipate an even steeper cut of 50 basis points.