Flow

Bitcoin

Status

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s supply on exchanges has decreased, indicating a rise in buying pressure.</li> 
 <li>The Money Flow Index (MFI) shows an uptick in buying pressure, potentially leading to a price increase.</li> 
</ul>  
<p>Bitcoin [BTC], the leading cryptocurrency, has managed to climb above $100k. However, despite surpassing this significant resistance level, the buying pressure seems to be relatively low. This raises a question: Could this low buying pressure result in a drop in BTC’s price in the near future?</p> 
<h2 id="bitcoin-s-current-market-status">Bitcoin’s Current Market Status</h2> 
<p>At the time of reporting, Bitcoin was trading at $101.9k, boasting a market capitalization of over $2 trillion. This comes after a brief dip below $97.5k within the last 48 hours. Data analytics platform, Santiment, noted a decrease in buy calls on social media as the week ended. This chart could be instrumental in predicting Bitcoin’s next significant price swing.</p> 
<p>Furthermore, BTC’s supply on exchanges has also seen a decline in recent days. This suggests that buying pressure on Bitcoin is increasing while the coin’s supply outside of exchanges is decreasing, indicating a decrease in selling pressure.</p> 
<h2 id="what-s-next-for-bitcoin">What’s Next for Bitcoin?</h2> 
<p>In addition, BTC’s exchange reserves have been dwindling, according to data from CryptoQuant. This further supports the notion of increased buying pressure. The Bitcoin Rainbow chart also provides a positive signal, indicating that BTC remains within the accumulation trend, suggesting a potential further price increase in the upcoming days.</p> 
<p>However, the fear and greed index shows that the market has been in a “greed” phase over the last 24 hours, suggesting a potential price correction. Upon analyzing Bitcoin’s daily chart, an uptick in the Money Flow Index (MFI) was observed, indicating a rise in buying pressure. If this uptick in buying sustains, Bitcoin might soon surpass $102k. However, the Chaikin Money Flow (CMF) has moved south, which could potentially hinder Bitcoin’s progress.</p>

Bitcoin Surpasses $100K Again, Despite Weak Buying Demand: A Simplified Analysis

Table of Contents

CoinEagle.com

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