Bitcoin’s buying pressure on Binance has seen a significant increase, with indicators pointing towards a bullish sentiment in the market. Investors have been taking advantage of buying opportunities during BTC’s price fall, leading to a resurgence in momentum. This surge in buying pressure has propelled a 14% price growth over the last week, bringing BTC closer to retesting its all-time high of $91k.
Despite the positive signs, there are a few indicators that suggest BTC may face headwinds ahead. For instance, Bitcoin miners have been selling off their holdings, as indicated by the drop in BTC’s miners balance. Additionally, BTC’s aSORP has turned red, indicating more investors are selling at a profit, which could potentially lead to a market top in the middle of a bull market.
However, there are still bullish signals in the market that indicate a potential new all-time high for Bitcoin. CryptoQuant’s data showed that Bitcoin’s Coinbase premium was green, highlighting strong buying sentiment among U.S. investors. Additionally, the MACD continued to show a bullish advantage, suggesting that the possibility of BTC retesting its ATH cannot be ruled out yet.
In the short term, it seemed feasible for BTC to retest $91k, as liquidation rose above the $91.6k mark. However, a rising liquidation rate typically indicates a high likelihood of a price correction. It will be interesting to see whether the accumulation trend continues and propels Bitcoin to reach a new high. With conflicting indicators in the market, it remains uncertain whether BTC will face challenges or break through to a new ATH in the near future.
While the increase in buying pressure and positive indicators offer hope for Bitcoin’s price growth, there are still concerns in the market that could hinder its progress. It will be essential to monitor the changing dynamics of the market and how they influence Bitcoin’s price movement in the coming days. Investors are eagerly watching to see if Bitcoin can reach a new all-time high or if it will face challenges ahead.
