Bitcoin Inflows to Exchanges Peak Around $80.000 Resistance

The inflow of Bitcoin to centralised exchanges has risen sharply over the past week, precisely at the moment the price attempted to break through the important $80.000 level. That level appears to be a reason for many investors to take profits or limit losses. Selling pressure now seems to be easing somewhat, with Bitcoin trading around $78K, down 0.9% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin inflow to exchanges peaked during an attempt to break through $80.000
• Binance received an average of 10,700 BTC per day, Coinbase Advanced 7,100 BTC
• The $80.000 level is the average cost basis of all capital in Bitcoin, which explains the resistance

Binance and Coinbase see largest inflows

According to on-chain analyst Darkfost, Bitcoin inflows to exchanges rose sharply over the past seven days, with Binance leading the way. The platform received an average of 10,700 BTC per day. Coinbase Advanced followed with an average daily inflow of 7,100 BTC, which also indicates institutional selling pressure.

Kraken and OKX both recorded an average inflow of more than 2,000 BTC. The peak coincided with the moments when Bitcoin attempted to break through the $80.000 level, according to the data shared by Darkfost.

$80.000 serves as an exit door for investors

The $80.000 level is not just a technical point. According to the analyst, it represents the average cost basis of all capital ever invested in Bitcoin. At that level, profit and loss balance for the average investor, triggering various reactions and strengthening resistance.

For many investors, it therefore acts as an exit door, whether it involves locking in a small profit or limiting losses. Earlier, an analysis already reported that more Bitcoin was traded at a loss than at a profit, despite a recovery toward $79.000.

Selling pressure eases as price pulls back

Now that the Bitcoin price has pulled back somewhat, selling pressure appears to be easing. Darkfost states that despite the heavy inflow, Bitcoin has remained close to the $80.000 level, which he sees as a sign of relative resilience.

If selling pressure eases further, the analyst expects Bitcoin to quickly make another attempt to test the $80.000 level. Other analysts have also previously pointed to the zone around $79.000 to $80.000 as a technically important area. The continued demand via Bitcoin ETFs could play a role in how quickly any selling pressure is absorbed.