- The supply of Bitcoin on the exchanges has fallen in recent days
- The Money Flow Index (MF) ended the revival of buying pressure in the charts
Bitcoin [BTC]at the time of writing has successfully climbed above $100,000, but some issues may arise. Despite crossing this major resistance level, buying pressure has actually remained somewhat low.
Hence the question: will this low buying pressure cause the price of BTC to drop in the coming days?
What about Bitcoin?
At the time of writing, the king coin was trading at $101.9k with a market cap of over $2 trillion. This, after briefly falling below $97.5k in the last 48 hours alone.
Shortly afterwards, Santiment, a popular data analytics platform, launched shared that at the end of the week the buying calls were quiet on social media. For Bitcoin’s next big swing, this chart will be very helpful when it comes to buying (while the crowd is panicking) and selling (while the crowd is greedy).
AMBCrypto found that the supply of BTC on the exchanges also fell in recent days. This meant that buying pressure on Bitcoin has increased. As that happened, off-exchange supply of the coin also fell, further indicating a decrease in selling pressure.
Source: Santimet
What can you expect from BTC?
Apart from this, BTC’s foreign exchange reserves have also declined, according to CryptoQuant data. This also showed that purchasing pressure was high.
Additional, Bitcoin’s Rainbow Chart once again brought forward a positive signal. According to the same, BTC is still within the accumulation trend. This suggested that a further price increase could occur in the coming days.
On the contrary, however, the fear and greed index revealed that the market was in a ‘greed’ phase over the past 24 hours. This meant that there was a possibility of a price correction.
That’s why AMBCrypto checked Bitcoin’s daily chart. According to our analysis, BTC’s Money Flow Index (MFI) registered an increase, indicating an increase in buying pressure. If the surge in purchases continues, Bitcoin could soon break the $102,000 mark.
Read Bitcoins [BTC] Price prediction 2024-25
However, it is worth pointing out that the Chaikin Money Flow (CMF) moved south. This could stall any Bitcoin efforts to move north.
Source: TradinghView