- The price of Bitcoin has risen by more than 3% in the past 24 hours.
- Market indicators seemed bullish on BTC.
Bitcoins [BTC] Since its inception, demand has increased most of the time. This was evident from the increase in the number of addresses by 1 BTC.
However, as the coin has a limited supply and the number of single-coin addresses increases, BTC may soon face selling pressure.
Bitcoin investors are rising
On June 30, IntoTheBlock revealed That the number of addresses with 1 BTC had risen to the coveted limit of 1 million.
The tweet also mentioned that institutional investors increased their pace of accumulating BTC. However, since BTC has a limited supply, the big players might as well choose to sell their holdings and make a profit.
That’s why AMBCrypto planned to take a look at BTC’s buying and selling pressure to gauge what’s going on in the minds of holders.
According to our look at CryptoQuant’s facts, BTC’s fund premium was in the red at the time of writing, meaning institutional investors were selling BTC. The aSORP was also red, indicating more investors were selling at a profit.
In the middle of a bull market, this could indicate a market top.
Nevertheless, buying sentiment around BTC was dominant as the Exchange Netflow Total was down compared to the latest seven-day average.
Things in the futures market also looked quite optimistic as BTC’s Taker Buy Sell Ratio was in the green. This meant that buying sentiment was dominant in the derivatives market.
Source: CryptoQuant
What can you expect from BTC?
AMBCrypto then analyzed Bitcoin’s daily chart to understand how selling and buying pressure affected the coin’s price. We found that most market indicators looked quite optimistic.
For example, the MACD showed the possibility of a bullish crossover. The Relative Strength Index (RSI) registered an increase and headed towards the neutral limit of 50.
The Money Flow Index (MFI0) also rose. At the time of writing, it had a value of 34, meaning more money was flowing into BTC.
Read Bitcoins [BTC] Price prediction 2024-25
Moreover, the Chaikin Money Flow (CMF) also followed a similar upward trend. These indicators suggested that the chances of BTC’s price rising were high.
At the time of writing, BTC was up over 3% in the past 24 hours, trading at $63,199.90.
Source: TradingView