- BTC is up over 3% in the last 24 hours and market sentiment has been bullish.
- Most of the metrics and indicators were in favor of the buyers, but not in favor of the MFI.
After almost a week of waiting, Bitcoin [BTC] We finally managed to get above the $27,000 mark again. Will Bitcoin be able to maintain its pump, or will it drop again to $26,000?
Read Bitcoins [BTC] Price prediction 2023-24
Bitcoin is finally above $27,000
The price of Bitcoin witnessed a price correction on October 9, dropping the coin’s price well below $27,000. But after a few days of waiting, the price of BTC witnessed a sharp increase. In fact, according to CoinMarketCapBTC has risen more than 3% in the last 24 hours.
At the time of writing it is BTC was trading at $27,904.55 with a market cap of over $544 billion. The good part was that the price increase was followed by a more than 140% increase in Bitcoin trading volume, which is generally seen as a bullish signal.
Santiment’s tweet on October 16 pointed to a reason that may have played a major role in pushing up the price of the king of cryptos.
📈 #BitcoinThe return to $27,000 was likely helped by large amounts of older, stagnant coins that were eventually moved. The largest amount of sleeping $BTC Although we’ve been switching wallets since July, these spikes in our Age Consumed metric indicate a reversal in price direction. https://t.co/0kztm781NO pic.twitter.com/EVDH9hHbBa
— Santiment (@santimentfeed) October 15, 2023
According to the tweet, BTC witnessed a massive amount of dormant supply movement. To be precise, the largest amount of sleeping BTC has changed wallets since July.
A look at Glassnode’s data revealed that long-term holders’ confidence in BTC was also sky-high. This was evident from the sharp increase in the supply of long-term bonds over the past month.
Source: Glassnode
Not only the long-term holders, but also the general market seemed to have high expectations for BTC, as the Exchange Reserve drop. This meant that the token was not under selling pressure.
In fact, US investors were more likely to buy BTC, which was evident in BTC’s green Coinbase premium. Derivatives investors were also willing to buy BTC at a higher price, as evidenced by the green finance rate at the time of writing.
Source: CryptoQuant
Will Bitcoin Maintain Its Pump?
Bitcoin’s other statistics also showed that the possibility of BTC It was likely that the upward trend would be maintained. For example, the bullish sentiment surrounding the king of cryptos rose by more than 19% in the past 24 hours.
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The MACD indicated that the bulls could soon take over the bears. Moreover, Bitcoin’s Chaikin Money Flow (CMF) also registered an upswing and was heading towards the neutral line.
Nevertheless, the Money Flow Index (MFI) was bearish as it took a southward path, which could hold back BTC’s price appreciation.
Source: TradingView