Wenzel Orf

Bitcoin Bulls Showing Strength, Will it Cross $30K Before Week’s End?

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• Bitcoin [BTC] peaked at $29,380 on 24 March before experiencing a resurgence of sell pressure.
• Recent market observations suggest that the amount of HODLed Bitcoin was still growing and there has been more sell pressure.
• A look at Bitcoin’s press time position explain why it had been experiencing sell pressure and how much exchange inflows and outflows were down in the last 24 hours.

Bitcoin Price Rally Stalls After Resistance Retest

Bitcoin [BTC] saw a peak of $29,380 on 24 March before coming under a surge of sell pressure. Despite this, recent market observations point to an increase in the amount of HODLed Bitcoin, suggesting that long-term holders are still going strong.

Pressure Persists as Resistance Retest Yields Sell Pressure

A look at Bitcoin’s press time position explains why it has been experiencing sell pressure – after pushing back into the ascending resistance line, many investors have taken profits triggering a pullback to the $28753 press time price. Exchange data also revealed that both inflows and outflows were down notably in the last 24 hours – but exchange outflows slightly dominated with 22,178 BTC compared to exchange inflows at 20,548 BTC.

Will Bulls Dominate or Will Resistance Win Out?

The question now is whether enough sell pressure will be generated to push past resistance or if bullish dominance can take hold and push beyond the $30,000 mark? If bulls succeed then Bitcoin could easily reach new highs by week’s end – however if bears prevail then further downside may be seen.

Net Outflow Despite Large Exchange Outflows

Despite large exchange outflows from exchanges, Bitcoin saw a higher net outflow indicating that long-term holders are holding onto their coins. This suggests some strength for bulls who may be hoping for yet another revival this week as we await what happens next with price action.

Green Portfolios As Prices Climb Again?

With Bitcoin crossing back above the $29,000 mark in the last 24 hours bullish hopes have been reignited – could we expect prices to climb above $30k again this week? Only time will tell but investors can keep an eye on metrics such as Percent Supply Last Active 1+ Years which recently hit an ATH of 68%. With green portfolios all round here’s hoping for good news before week’s end!