bullish

Future

Bitcoin

Propel

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s buying pressure is rising, indicating a possible continued price increase.</li> 
 <li>Technical indicators suggest a potential correction despite the bullish sentiment.</li> 
</ul>  
<p>Bitcoin [BTC] investors experienced substantial profits last week due to a significant price surge. </p> 
<p> This surge led to an increased bullish sentiment around the coin, causing a record drop in BTC’s supply on exchanges. This has led some to speculate about potential further price increases. </p> 
<h2 id="investors-are-buying-bitcoin">Investors are Buying Bitcoin</h2> 
<p>According to CoinMarketCap, Bitcoin experienced a price increase of over 11% in the past week. </p> 
<p> The coin was trading at $67,866.54 at press time, with a market capitalization surpassing $1.34 trillion. </p> 
<p> Due to this price increase, more than 50 million BTC addresses were profitable, accounting for more than 94% of all BTC addresses. </p> 
<p>Simultaneously, a key Bitcoin metric reached an all-time low. Specifically, Bitcoin’s supply on exchanges dropped to its lowest point in five years, suggesting that investors are buying BTC in anticipation of further price increases. </p> 
<h2 id="bitcoin-s-future-direction">Bitcoin’s Future Direction</h2> 
<p>Data from CryptoQuant confirmed that Bitcoin’s exchange reserve has sharply decreased over the past few months, indicating a clear intent among investors to purchase the coin. </p> 
<p> Long-term holders showed a willingness to retain their coins, as indicated by the coin’s green binary CDD. The derivatives market also displayed a positive outlook. </p> 
<p>However, US investors seemed to have a different perspective, as suggested by the low Coinbase premium. This implies a dominant selling sentiment among US investors, which could potentially halt BTC’s bull rally. </p> 
<p>An analysis of Bitcoin’s daily chart reveals that Bitcoin is testing its resistance at the $68k mark. However, market indicators suggest a possible rejection. </p> 
<p> For instance, Bitcoin’s price reached the upper limit of the Bollinger Bands, often leading to price corrections. </p> 
<p> Furthermore, the Relative Strength Index (RSI) was on the verge of entering the overbought zone. Should this occur, selling pressure might increase, potentially causing a price drop in the coming days. </p>

Dwindling Bitcoin Supply On Exchanges Could Propel BTC to $70k

Table of Contents

CoinEagle.com

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