Buying pressure on Bitcoin did increase in the last 24 hours.
A bull rally could allow BTC to approach an all-time high.
Bitcoin [BTC] has been facing trouble in the last few days as the coin’s price fell under $64k. But investors shouldn’t lose hope, as the king coin might have a plan that can push it up again in the coming days.
Bitcoin’s secret bull move
BTC has faced much volatility in the past few days as the coin has once again plummeted under the $64k mark.
At the time of writing, the king coin was trading at $63,952.64 with a market capitalization of over $1.2 trillion. But the coin might just have a trick up its sleeves, which can push it to new highs in the coming week.
CryptoQuant recently posted a tweet revealing that it was noticeable that low exchange flow multiple values were observed before the rally in 2023. The tweet mentioned,
“The current indicator levels are similarly low, which could signal that the market is preparing for the next upward trend.”
Therefore, AMBCrypto planned to have a better look at market sentiment to find out whether a price uptick is on its way.
Source: X
Is BTC ready for a price increase?
As per our analysis of CryptoQuant’s data, BTC’s Exchange Reserve was dropping. This indicated that buying pressure on the king coin was rising. Whenever buying pressure increases, it hints at a price rise.
Source: CfyptoQuant
Apart from that, Bitcoin’s Binary CDD also looked pretty bullish. This indicated that long term holders’ movement in the last seven days were lower than the average. They have a motive to hold their coins.
Additionally, miners were also holding their coins. This was proven by the Miners’ Position Index (MPI), which showed that miners were selling holdings in a moderate range compared to its one-year average.
Since the on-chain metrics looked pretty bullish, AMBCrypto planned to take a look at Bitcoin’s daily chart. As per our analysis, BTC was failing to go above its critical resistance of $65k.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
The rejection might be the reason behind BTC consolidation and trying to reproach the resistance again.
In case of a bullish breakout, then it won’t be surprising to see Bitcoin moving towards $73k. A jump above that mark would open doors for the king coin to reach an all-time high in the coming weeks or months.
Source: TradingView
