Key Points
- Bitcoin’s buying pressure on Binance has seen a significant increase, signaling bullish sentiment.
- Despite this, several indicators suggest potential bearish trends, possibly hindering Bitcoin’s path to a new all-time high.
Bitcoin’s buying pressure on Binance has seen a sharp increase. However, a few indicators have turned bearish, suggesting potential headwinds for Bitcoin (BTC).
Bitcoin’s Recent Performance
After a brief pullback, Bitcoin has begun to move towards its all-time high once again. The recent dip in Bitcoin’s price presented an opportunity for investors to buy, which may have aided in regaining momentum.
A tweet from a well-known crypto analyst, Ali, highlighted a significant increase in Bitcoin’s buying pressure on Binance. This suggests a growing bullish sentiment and potential upward price movement. The high buying pressure was further confirmed by Bitcoin’s exchange balance, which decreased significantly over the past two weeks, indicating that investors are accumulating Bitcoin.
Potential Hurdles for Bitcoin
Despite the positive indicators, not all signs point to a price rise. For example, Bitcoin’s aSORP turned red, indicating that more investors are selling at a profit. This could suggest a market top in the middle of a bull market.
Bitcoin’s Binary CDD suggested that the movement of long-term holders over the past week was higher than usual. If these movements were made with the intention to sell, it could negatively impact the market.
Further supporting the aSORP, Bitcoin’s Chaikin Money Flow (CMF), an indicator of buying and selling pressure, registered a downtick. A falling CMF could suggest a downtrend, potentially hindering Bitcoin’s path to $91k.
Nonetheless, the MACD continues to show a bullish advantage in the market, suggesting that the possibility of Bitcoin retesting its all-time high cannot be ruled out yet.
