Buying pressure rises, Bitcoin may rebound in the near future

An analyst pointed out that a common trading indicator used to track buyer demand on the cryptocurrency exchange Binance shows that Bitcoin is expected to retest the psychological price of $100,000 before the end of the year.

According to CoinMarketCap data, as of the time of writing, Bitcoin is trading at $96,222.

Indicators release positive signals

Takers refer to buyers who accept the market's best price at the moment. The rise in this indicator means an increase in investor interest and buying pressure.

Observing the chart of CryptoQuant, the purchase volume of Bitcoin buyers hit a low of less than $5 billion on December 1, just below $6 billion on December 15, and reached around $6 billion around December 25. Three "higher lows" are often seen by traders as a strong signal of the formation of an upward trend. Analyst Burrakesmeci believes that although the market may be overheated and undergo a correction, the continued growth in taker purchases indicates that Bitcoin prices may rise in the coming days.

Historical patterns spark imagination

Since Bitcoin first broke through $100,000 on December 5, it has been below that level since December 19. Currently, Bitcoin is down 11.15% from its all-time high of more than $108,300 on December 17.

Some cryptocurrency traders predict that Bitcoin's current chart is forming a pattern similar to December 2023. In the three months since December 2023, Bitcoin rose nearly 90% with the approval of the spot Bitcoin exchange-traded fund (ETF) in January. Anonymous trader Jack posted on December 26 that he noticed that the price trend of Bitcoin was very similar to that of about a year ago. Another anonymous trader, Titan of Crypto, also expressed a similar view to his 110,100 X followers, believing that Bitcoin's 2024 trend pattern seems to be about 3 weeks ahead of last year. #BTC #BTC走势分析 $BTC