- The price of BTC has moved marginally over the past 24 hours.
- Selling pressure on BTC was high and the indicators looked bearish.
Bitcoins [BTC] The price witnessed a downturn days after the much-awaited ETF approval. However, institutional investors took this opportunity to accumulate more BTC. Will this stockpiling have a positive impact on the price of the king coin?
Bitcoin recovers quickly?
The ETF approval scene was a disaster for the king of cryptos as its price fell below $43,000. According to CoinMarketCapBTC was trading at $42,894.93 at the time of writing, with a market cap of over $840 billion.
Regardless, institutional investors didn’t stop buying BTC. On January 15, American multinational BlackRock bought 11.5k BTC.
AMBCryptos inverter revealed that the stored BTCs were worth over $490 million at the time of writing.
BlackRock buys 11,500 Bitcoin during the dip.
I bought enough Bitcoin to cover what would be mined in 13 days. pic.twitter.com/6cI6npxg7s
— Kashif Raza (@simplykashif) January 15, 2024
AMBCrypto also looked at other data sets to better conclude whether the king coin was experiencing high buying pressure at the time of writing. Our analysis showed a bearish picture, indicating a sell-off.
Most importantly, BTC supply on exchanges rose while off-exchange supply fell, meaning selling pressure was high.
Source: Santiment
Not only that, but also CryptoQuant’s facts pointed out that BTC’s foreign exchange reserve increased. Furthermore, the aSORP was red, meaning more investors sold at a profit. In the middle of a bull market, this could indicate a market top.
Source: CryptoQuant
Is a trend reversal possible?
Although the above figures looked bearish, the price of the King Coin had reached a crucial point on January 15. resistance level. This level had previously led to a bull rally in 2020.
Read Bitcoins [BTC] Price prediction 2024-25
Therefore, to gain a better understanding of the viability BTC In the short term, AMBCrypto checked its daily chart. We found that Bitcoin’s Relative Strength Index (RSI) was gaining upward momentum and heading towards the neutral point at the time of writing.
However, other indicators were not positive. Bitcoin’s MACD showed a clear bearish advantage. The Chaikin Money Flow (CMF) also fell, showing a higher chance of a price decline.
Source: TradingView