Despite the recent downturn, there are underlying factors poised to drive a positive turnaround in the asset’s market performance. Bitcoin experienced a significant correction in the past several hours, dropping to as low as $65,100. Despite being down 7% on a weekly scale (per CoinGecko’s data), some essential factors hint the trend may not last long. One such element worth observing is Bitcoin’s exchange netflow.
According to CryptoQuant, the indicator has been predominantly in negative territory in the past seven days, indicating a shift from exchanges toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure. Another factor to consider is the upcoming Bitcoin halving event scheduled for the end of April. The event, which occurs approximately every four years or when 210,000 blocks are mined on the network, cuts the rewards distributed to miners in half. This reduces the rate at which new BTC is produced and released into circulation, making the asset scarcer and potentially more valuable in time
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