Bitcoin (BTC) has experienced a reduced question, especially from institutional investors despite the apparent net flows in the past weeks. According to data analysis on cryptoquant chains, the net question of Bitcoin has fallen in the recent past.
Exactly, the overall demand for Bitcoin has been considerably contracted, so that people who buy Bitcoin have reduced their demand in the last 30 days with 895K coins. The reduced Bitcoin question in the midst of significant cumulative short leverage has played an important role in his MidTerm bearish sentiment in recent weeks.
Bitcoin -Price wins Bullish Momentum
After closing a crucial resistance level around $ 108,360 on Wednesday, Bitcoin (BTC) price ranged to the next milestone of approximately $ 110,570 on Thursday 3 July. Consequently, the flagship Munt has regained the 50-day SMA as a support level and is now testing again at its almost $ 112k.
Moreover, the BTC price has made the previously formed trend invalid after closing above the top edge of the logarithmic trend. According to market data analysis of CryptoquantThe sales pressure of our whales and institutional investors has gradually decreased.
What the graphs say
BTC price is approaching to test the all time around $ 111,814, which signals a potential double top if a rejection occurs. With the Daily Relative Strength Index (RSI) that indicates a possible bearish divergence, it is wise to wait until the BTC price consistently closes above $ 112k in the following days to prevent them from being caught in a fake.
The daily MacD indicator also shows that the Bullish sentiment momentum has won, whereby the histograms have increased above the zero line. The Bullish Momentum is also strengthened by the fact that the BTC price has registered more positive monthly returns in Julys in the last ten years.