Bitcoin nears $100K, but will BTC’s sell pressure pose challenges?
BTC faced a strong resistance at $98.9K.Selling pressure on BTC could rise soon, putting an end to its bull run.
Bitcoin [BTC] has been slowly inching towards the $100K mark, following the bullish market conditions. However, is this bull run sustainable, or will BTC fall victim to a price correction soon?
Bitcoin approaches $100KAfter a week of massive price rises, BTC’s value started to come closer to the $100K mark. At the time of writing, the king coin was trading at $98.2K with a market capitalization of $1.94 trillion.
In the meantime, Ali Martinez, a popular crypto analyst, posted a tweet, advising that investors should sell 25% of their BTC holdings once the coin touches $173K-$200K.
Going forward, he also mentioned selling 30% of holdings once the king coin enters the $200K-$300K range.
Since these numbers were pretty ambitious, AMBCrypto planned to dig deeper to find whether BTC’s road ahead is clear.
Decoding BTC’s futureAs per our analysis of Glassnode’s data, BTC was trading well inside its range. To be precise, the Pi Cycle Top indicator revealed that BTC’s possible market top was at $121K, while its market bottom was at $66K.
Therefore, the possibility of BTC going towards $100K wasn’t too ambitious.
In fact, investors were still considering buying Bitcoin. AMBCrypto reported earlier that 65K BTC were withdrawn from exchanges recently.
These coins were valued at more than $6 billion, indicating a significant push to BTC’s buying pressure.
As per CryptoQuant’s data, the buying pressure remained high. This was evident from BTC’s dropping exchange reserve.
A decline in buying pressure generally indicates that the chances of a continued price uptrend are high, as investors showed confidence in the king coin.
