Key Points
- Bitcoin’s value appears to be stabilizing after a tough week, with potential for a price uptick.
- Despite this, data suggests high selling pressure on Bitcoin, including from large-scale investors.
Bitcoin’s [BTC] value seems to be finding some stability after a challenging week. It has managed to stay above a key support level, which could potentially lead to a price increase in the next few days, possibly allowing BTC to regain the $64k mark.
According to CoinMarketCap, BTC’s price has seen a decrease of more than 3% over the past week. However, the last 24 hours have shown a slight improvement, with the coin’s price marginally increasing.
Bitcoin Trading and Market Sentiment
At present, BTC is trading at $61,011.10 and boasts a market capitalization of over $1.2 trillion. The fear and greed index for BTC continues to show “greed”, with a current value of 56.
Crypto analyst, Crypto Tony, recently tweeted that BTC’s price is nearing its $60k support level, and also suggested the possibility of BTC regaining its $64k value. Considering the performance over the last 24 hours, this target seems achievable in the near term.
Selling Pressure and Market Indicators
However, an analysis of BTC’s metrics does indicate high selling pressure on the coin. The net deposit of BTC on exchanges is high compared to the seven-day average.
Additionally, both the Coinbase Premium and Korea Premium are in the red, indicating a dominant selling sentiment among US and Korean investors. This selling trend is not limited to retail investors, as data shows that whales, or large-scale investors, are also selling off their BTC.
Data from Glassnode reveals that the number of BTC addresses with balances greater than $100k has significantly dropped in the past week. This suggests that major players in the crypto market are selling off their BTC, which could potentially hinder the coin’s ability to reach $64k in the short term.
Further analysis of BTC’s daily chart indicates that BTC may need more time to see volatility in an upward direction. The Chaikin Money Flow (CMF) for the coin registered a sharp downturn, and its Relative Strength Index (RSI) is moving sideways under the neutral mark.
The MACD shows a competition between bulls and bears for market advantage, hinting at potentially slow-moving days ahead. For BTC to become volatile, it must first surpass its 20-day Simple Moving Average (SMA), which it is currently under.
