- BTC has recovered more than 3.5% of its value in the past 24 hours
- Selling pressure on Bitcoin increased despite the recent price increase
This past week has been a bit of a bloodbath Bitcoin [BTC] when its value fell below $56,000 on the charts. The FUD surrounding the cryptocurrency fueled speculation, with many expecting BTC to fall even further.
However, the market trend has changed in the past 24 hours. Some would even argue that Bitcoin is finally taking its first steps towards $100,000.
Bitcoin looking for $100,000?
Bitcoin finally got rid of the bears as the daily chart turned green. According to CoinMarketCapAt the time of writing, BTC had risen more than 3.5% in just 24 hours. It traded at $59,623.01, with a market cap of over $1.17 trillion.
Meanwhile, Titan on Crypto, a popular crypto analyst, recently shared a tweet to draw attention to an interesting development. According to the tweet, the latest price correction could be the final deviation from BTC’s path towards $100,000. This has seemed to be the case as well as historically: when such anomalies have occurred, BTC’s price has gained bullish momentum shortly afterwards.
To be precise, similar episodes occurred in March 2023, June 2023 and January 2024.
The possibility that BTC will reach $100,000 in the coming weeks is now high, especially since the coin’s Network-to-Value (NVT) ratio has fallen – a sign that the coin may be undervalued.
Source: Glassnode
Are Investors Buying Bitcoin?
Since the chances of a bull rally seem high, this could be the right opportunity for investors to accumulate BTC.
Therefore, AMBCrypto checked Bitcoin’s statistics to see if the buying pressure was high. We found that BTC exchange rates were on a sharp upward trend. At the time of writing, the BTC exchange balance was 2.33 billion BTC.
Source: Glassnode
This indicated that investors sold BTC. Moreover, the supply of BTC on the exchanges increased last week, while the supply outside the exchanges decreased.
The fact that selling pressure on BTC was high was further evidenced by the currency inflows, which spiked several times over the past seven days.
Source: Santiment
Here it is interesting to note that the increase in selling pressure did not have a negative impact on market sentiment. AMBCrypto’s analysis of Santiment’s data showed that BTC’s weighted sentiment rose, indicating the dominance of bullish sentiment.
Read Bitcoins [BTC] Price prediction 2024–25
Finally, social volume also remained high, reflecting the king of crypto’s popularity in the crypto space.
Whether investor confidence will be enough to keep BTC on its way to $100,000 will be an enticing episode to watch.
Source: Santiment