- Buying pressure on Bitcoin has increased over the past 24 hours.
- A bull rally could push BTC near an all-time high.
Bitcoin [BTC] has faced problems in recent days as the coin’s price fell below $64,000. But investors shouldn’t lose hope as the king coin may have a plan that could push it back up in the coming days.
Bitcoin’s secret bull move
BTC has seen a lot of volatility in recent days as the coin has once again fallen below the $64,000 mark.
At the time of writing this was the king’s coin trade at $63,952.64 with a market cap of over $1.2 trillion. But the coin may have a trick up its sleeve that could see it soar to new highs in the coming week.
CryptoQuant recently launched a tweet which showed that it was noticeable that several low exchange rate flow values were observed before the 2023 rally. The tweet stated:
“The current inIndicator levels are also low, which could be a signal that the market is preparing for the next uptrend.”
Therefore, AMBCrypto planned to take a closer look at market sentiment to find out if a price increase is on the horizon.
Source:
Is BTC ready for a price increase?
According to our analysis of CryptoQuant’s factsBTC’s currency reserve fell. This indicated that buying pressure on the king coin was increasing. Whenever buying pressure increases, it signals a price increase.
Source: CfyptoQuant
Apart from that, Bitcoin’s Binary CDD also looked quite bullish. This indicated that long-term holders’ moves over the past seven days were lower than the average. They have a motive to hold on to their coins.
Moreover, miners also held on to their coins. This was evidenced by the Miners’ Position Index (MPI), which showed that miners were selling their assets within a moderate range compared to the annual average.
Since the metrics in the chain looked quite bullish, AMBCrypto planned to view the daily chart of Bitcoin. According to our analysis, BTC failed to move above its critical resistance at $65,000.
Read Bitcoins [BTC] Price prediction 2024–2025
The rejection could be the reason behind BTC’s consolidation and re-blaming of the backlash.
In the event of a bullish breakout, it won’t be surprising to see Bitcoin move towards $73,000. A jump above that figure would open doors for the king coin to reach an all-time high in the coming weeks or months.
Source: TradingView