BTC Price Defends $3,900 But Inflows To Exchanges Could Lift Selling Pressure

Bitcoin price is holding at $3,900, but the crypto market is seeing a small inflow of money from exchanges.

Bitcoin price was up more than 2% on Wednesday afternoon. , trading around $3,928 according to CoinDesk's Bitcoin Price Index (IPB). Bitcoin was trading for almost $3,900 on the Luxembourg-based Bitstamp exchange at 6:21 pm. ET, according to data from CoinMarketCap and CoinDesk.

Bitcoin has been on a slow decline since hitting an all-time high of nearly $20,000 late last year. The digital currency is down about 25% from the high and about 70% from the December peak.

Bitcoin price has been trading in a narrow range for months as traders The exchange is awaiting clear regulation on whether or not bitcoin should be classified as a security. Exchange NYSE Arca announced this week that it will begin listing digital currencies on its platform, including bitcoin futures that allow investors to speculate on future prices. futures without buying or selling the asset itself.

However, some analysts believe the move could be temporary and investors