As of now, the leading cryptocurrency is trading at $93,893, below the important threshold of $100,000.
It is noteworthy that the recent price drop did not trigger a wave of sell-off. This indicates that optimistic sentiment still prevails, and investors expect the price of Bitcoin (BTC) to quickly return to the $100,000 level in the short term.
Bitcoin declines but selling pressure is low
According to data from CryptoQuant, the net inflow of Bitcoin withdrawn from cryptocurrency exchanges in the past week has exceeded $2.5 billion. The net withdrawal from exchanges reflects the amount of coins or tokens withdrawn from the exchange's wallet.
When net outflows increase, this indicates a shift towards storing assets in personal wallets rather than trading or selling. This is often a signal of optimistic sentiment, as investors expect prices to rise.
Net inflow of Bitcoin withdrawn from exchanges | Source: CryptoQuant
Commenting on the implications of this trend for Bitcoin, anonymous analyst KriptoBaykusV2 from CryptoQuant wrote in a recent report:
"If the trend of withdrawing Bitcoin from exchanges continues, selling pressure in the market may decrease. When the amount of Bitcoin on exchanges decreases while demand remains constant or increases, the price may gain upward momentum."
Additionally, the positive funding rate of Bitcoin also reinforces the potential for price increases in the near future. Currently, the funding rate in the Futures market is at 0.0081.
Bitcoin funding rate | Source: CryptoQuant
When the funding rate is positive, it means that long positions are paying fees to short positions. This indicates that market sentiment is optimistic, with expectations for price increases.
Bitcoin price prediction: Strong support below
The overall market decline has not been able to push the price of Bitcoin down to the Leading Span A of the Ichimoku Cloud indicator, forming a dynamic support level at $90,160. This indicator tracks market trend momentum and identifies potential support/resistance levels.
Daily BTC/USDT chart | Source: TradingView
When the trading price is above Leading Span A, this indicates a bullish trend, due to strong buying pressure and sellers struggling to push the price lower. This scenario often signals a potential rebound when the price hits this dynamic support line.
If the price of Bitcoin successfully bounces off this line, the bulls are likely to make another attempt to push the price above the psychological resistance level at $100,000. If successful, it could quickly rise to the historical peak of $108,388.
https://tapchibitcoin.io/225-ty-usd-bitcoin-rut-khoi-san-giao-dich-bao-hieu-su-phuc-hoi.html
