Bitcoin’s buying pressure on Binance increased sharply.
However, BTC might face headwinds ahead as a few indicators turned bearish.
After a short pullback, Bitcoin [BTC] has once again started to inch towards its all-time high.
Investors took the opportunity to buy the dip during BTC’s price fall in the recent past, which could have played a role in helping BTC gain momentum again.
Will this increase in buying pressure propel BTC to a new ATH soon?
Investors are stockpiling Bitcoin
Ali, a popular crypto analyst, recently posted a tweet pointing out that there was a significant spike in BTC buying pressure on Binance.
This clearly signaled growing bullish sentiment, suggesting upward price movement could be ahead.
The fact that buying pressure was high in the overall market was further proven by BTC’s exchange balance.
The metric dropped sharply over the last two weeks, indicating that investors were stockpiling the king of cryptos.
Source: Glassnode
CryptoQuant’s data revealed that Bitcoin’s Coinbase premium was green. This meant that buying sentiment was strong among U.S. investors.
Nonetheless, Bitcoin miners didn’t show confidence in the king coin. This was evident from the considerable drop in BTC’s miners balance—a sign of miners’ sell-off.
Source: Glassnode
Will this be enough for a new ATH?
The hike in buying pressure from investors has propelled 14% price growth over the last week, allowing BTC to reach closer to $91k again.
If the accumulation trend continues, it won’t be surprising to see Bitcoin reaching a new high soon.
In the short-term, it didn’t seem much of a problem for BTC to retest $91k. This was the case as BTC’s liquidation will rise above the $91.6k mark.
Whenever liquidation rises, it indicates that the chances of a price correction are high.
Source: Coinglass
However, not everything favored a price rise. For instance, BTC’s aSORP turned red, meaning that more investors were selling at a profit. In the middle of a bull market, it can indicate a market top.
The king coin’s Binary CDD suggested that the movement of long-term holders during the past seven days was higher than typical. If they were moved for the purpose of selling, it may have a negative impact.
Supplementing the aSORP, Bitcoin’s Chaikin Money Flow (CMF) registered a downtick. The indicator measures the buying and selling pressure of an asset.
Read Bitcoin (BTC) Price Prediction 2023-24
A falling CMF confirms a downtrend, which, on this occasion, could create problems on BTC’s roads to $91k.
Nonetheless, the MACD continued to show a bullish advantage in the market, suggesting that the possibility of BTC retesting its ATH can’t be ruled out yet.
Source: TradingView
