Bitcoin Drops Sharply to 96K Despite Investor Accumulation:

Bitcoin ended January 6 at $102,000, buoyed by positive inflows from ETFs worth $978.6 million. However, by January 7, the price had fallen sharply below $97,000.

However, strong investment activity was still recorded on major exchanges, indicating that demand for Bitcoin remains high. According to an analyst at CryptoQuant, the 14-day simple moving average (SMA14) – which tracks inflows from Binance – has turned negative. Data from the chart shows that whenever the SMA14 turns negative, Bitcoin tends to increase in price.

Bitcoin outflows from Binance reached 5,407 BTC, the highest level in the past month.

“Both of these indicators confirm that investor behavior on Binance is leaning towards accumulation. This trend provides strong momentum for Bitcoin’s price to rise in the short term,” the analyst emphasized.#Bitcoin❗ $BTC