As Bitcoin (BTC) consolidates near the $119,000 mark following a new all-time high (ATH) above $123,000 last week, several on-chain indicators are presenting a mixed picture regarding the cryptocurrency’s next major move.
Bitcoin On-Chain Data Shows Mixed Outlook
According to a CryptoQuant Quicktake post by contributor Chairman Lee, BTC exchange reserves have risen noticeably since late June. This sharp uptick suggests increased profit-taking activity, which could weigh on BTC in the short-term.
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Large holders and miners have also been ramping up their deposits since July 18. However, overall inflows to centralized exchanges remain relatively low compared
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