According to U.Today, traders are closely monitoring the potential formation of a mini death cross, which involves the crossover between the 50 and 100 EMA moving averages, as Bitcoin's price recently dropped. Although this pattern is not as alarming as the 100 and 200 EMA crossover, it could indicate increased selling pressure. However, Bitcoin appears to have avoided this bearish scenario, rebounding from key support levels and maintaining its upward trajectory. The mini death cross has not yet occurred, as the 50 EMA remains above the 100 EMA, suggesting that the anticipated selling pressure may not materialize.

On-chain data supports this optimistic outlook, with 72% of Bitcoin addresses currently in profit, indicating that the Bitcoin held in these addresses was purchased at a lower price than its current market value. This high level of investor confidence and the presence of strong support levels could help prevent further losses. Additionally, the correlation between trading volume and price suggests a steady inflow of capital into Bitcoin, which is crucial for maintaining stable price levels.

At present, Bitcoin's price is at a critical level of $67,105, where nearly 89,000 addresses are at the money, forming a significant support zone. The overall market sentiment remains cautiously optimistic. Bitcoin's ability to stay above important moving averages and support levels indicates that its bullish trend may persist despite recent volatility. Traders and investors should continue to monitor rapid price changes and on-chain metrics to anticipate any potential surge in selling pressure.