Key Points
- Bitcoin (BTC) buying pressure remains high, hinting at a possible price hike.
- BTC liquidations are expected to increase significantly near the $77,000-mark.
After the U.S presidential elections, the crypto market took a bullish turn, with Bitcoin (BTC) reaching an all-time high. Despite some correction, BTC continues to trade near this range.
Investor confidence in BTC seems to be on the rise, which could potentially push its price further up in the near future.
Increasing Bitcoin Accumulation
BTC recently achieved a new historic high of $76,849 on 7th November. Despite a slight drop after reaching its ATH, it was trading at $76,422.29 at the time of writing, with a market capitalization of over $1.5 trillion.
Crypto analyst Ali recently shared that over 57,800 BTC have gone into accumulation addresses over the last few days. This accumulation worth more than $4 billion indicates that significant BTC holders anticipate a price rise.
Analysis of CryptoQuant’s data reveals that Bitcoin’s exchange reserves are dropping, indicating that investors are considering buying BTC. The Coinbase premium was also green, suggesting strong buying sentiment among U.S investors.
Potential Retest of ATH
Despite the bullish metrics, not all signals are clear for Bitcoin. BTC’s aSORP turned red, indicating that more investors were selling at a profit. This could indicate a market top in the middle of a bull market.
BTC’s binary CDD was also bearish, suggesting that long term holders’ movement over the last 7 days was higher than the average, which could negatively impact the market if they were moved for selling.
BTC liquidations are expected to rise after it crosses the $77k mark. Therefore, if the accumulation continues and bullish sentiment remains intact, the chances of BTC hitting a new ATH will be high.
