Why Bitcoin’s Price May Reclaim Its All-Time High Soon
Bitcoin (BTC) is down 5% over the past week. As of writing, the major coin is trading at $96,905, below the key $100,000 price level.
Interestingly, the recent decline has not triggered a sell-off. This shows that bullish sentiment remains strong, with market participants expecting the token price to recover above $100,000 in the near term.
Bitcoin sell-off drops
According to data from CryptoQuant, BTC net outflow Cryptocurrency trading volume has exceeded $2.5 billion in the past week. Net outflows from an exchange track the number of coins or tokens withdrawn from exchange wallets.
When trading outflows for an asset surge, it signals a shift toward keeping assets in private wallets rather than trading or selling them. This usually signals bullish sentiment, as investors may expect prices to rise.
Commenting on its impact on Bitcoin, KriptoBaykusV2, a pseudonymous CryptoQuant analyst, noted in a recent article Report:
“If the trend of Bitcoin outflows continues, this may reduce selling pressure in the market. As fewer Bitcoins are available on exchanges while demand remains the same or increases, prices may see upward momentum.”
also, Positive funding rate for the token Supporting the likelihood of this upward forecast in the short term. Currently, the funding rate is perpetual futures The market price is 0.0081.
When an asset’s funding rate is positive, it means long positions are paying short positions. This shows that market sentiment is bullish and traders expect prices to rise.
Bitcoin Price Prediction: Coin Fights Dynamic Resistance at $100,000
The broader market decline led to BTC price will fall below Ichimoku Cloud has a leading span of A, creating dynamic resistance at $100,160. This indicator tracks the momentum of an asset market trend and identifies potential support/resistance levels.
When an asset price trades below the Ichimoku Cloud’s leading span A, it indicates a bearish trend as selling pressure is strong and buyers are working hard to push the price higher. This scenario usually signals the possibility of further declines unless prices move back above the clouds.
A successful breakout of this level would propel Bitcoin price to a new all-time high of $108,388. on the other hand, failed attempt Above this resistance could send Bitcoin price down to $95,690.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
