Bitcoin Is Moving To Coinbase From Other Platforms, What Does It Mean For Price?
Summary
Bitcoin has been flowing into Coinbase from other exchanges, indicated by the positive trend in the 7-day moving average of the "Coinbase Flow Pulse." When this average crosses under the 90-day moving average, it suggests bearish action, while being above it implies a bullish market. The recent crossing back of these averages indicates increased demand for shifting coins to Coinbase, potentially signaling a bullish price trend. However, another on-chain indicator, the "Apparent Demand," suggests muted Bitcoin demand in the overall market despite the positive Coinbase Flow Pulse trend. As of now, Bitcoin is trading at around $61,000, up over 5% in the past week.
