Key Points
- Bitcoin’s buying pressure on Binance has significantly increased, indicating bullish sentiment.
- Despite some bearish indicators, the increased buying pressure could potentially propel Bitcoin to a new all-time high.
Bitcoin’s buying pressure on Binance has seen a sharp increase. However, Bitcoin (BTC) may face some challenges as a few indicators have turned bearish.
After a minor pullback, Bitcoin [BTC] has once again started to move towards its all-time high. This increase in momentum could be attributed to investors who took the opportunity to buy during the recent BTC price dip.
Investors Accumulating Bitcoin
Crypto analyst, Ali, noticed a significant spike in BTC buying pressure on Binance. This suggests a growing bullish sentiment and a potential upward price movement.
This bullish sentiment is further supported by BTC’s exchange balance, which has dropped significantly over the past two weeks. This indicates that investors are stockpiling Bitcoin.
Data from CryptoQuant shows that Bitcoin’s Coinbase premium was green, indicating a strong buying sentiment among U.S. investors. However, Bitcoin miners seem to lack confidence in the king coin as evidenced by a considerable drop in BTC’s miners balance, suggesting a miners’ sell-off.
Potential for a New All-Time High
The increase in buying pressure has resulted in a 14% price growth over the last week, bringing BTC closer to $91k. If this accumulation trend continues, Bitcoin reaching a new high soon wouldn’t be surprising.
In the short-term, retesting $91k doesn’t seem to be a problem for BTC, especially as BTC’s liquidation is predicted to rise above the $91.6k mark. However, not all indicators favor a price rise. For instance, BTC’s aSORP turned red, indicating more investors are selling at a profit.
Bitcoin’s Binary CDD suggests that the movement of long-term holders during the past seven days was higher than usual. If these coins were moved for selling purposes, it could negatively impact the price.
Furthermore, Bitcoin’s Chaikin Money Flow (CMF), an indicator of buying and selling pressure, registered a downtick. A falling CMF suggests a downtrend, which could pose challenges for BTC’s journey to $91k.
Despite these bearish indicators, the MACD continues to show a bullish advantage in the market. This suggests that the possibility of BTC retesting its ATH can’t be ruled out yet.
