Bitcoin Price Spikes Amid Exchange Inflows but Raises Short-Term Selling Pressure Concerns

Bitcoin's price has surged to near $76,000 as exchange inflows reached their highest level since February 20. According to CryptoQuant data, a total of 6,100 Bitcoin entered exchanges within one hour, which is often seen as a sign of potential selling pressure.

The recent rally saw the asset gain around 12% in March, and traders are now positioning ahead of macro signals rather than extending aggressive long positions. The Federal Reserve's rate decision is set to take place soon, and markets have priced in a 1.1% chance of a hike amid lingering inflation concerns.

Onchain data from CryptoQuant showed that the Bitcoin price approached resistance at the lower band of the traders' realized price, which reflects the average cost basis of active market participants. Historically, this metric acts as resistance during bearish phases, and the asset's failed attempts to break higher reinforce the resistance level.