Bitcoin Sell Pressure Declines, Indicating Possible Local Market Bottom
Crypto analyst Ali Martinez reports a decline in Bitcoin's (BTC) sell-side pressure, suggesting a potential local market bottom. Currently, BTC trades just below $100,000 at $98,650.
Key Points
- Decrease in sell-side risk ratio indicates investors are holding BTC instead of selling.
- Martinez’s analysis suggests an upcoming accumulation phase for BTC.
- To confirm this outlook, BTC must maintain support above key levels.
- Rekt Capital emphasizes the need for a weekly close above $97,000 to sustain bullish momentum.
- Daan Crypto Trades notes a recent breakout from a descending channel, with $98K as a crucial short-term target.
- Some analysts predict BTC could reach beyond $108,000, possibly hitting new all-time highs.
- BTC shows early signs of bullish divergence, indicating a potential shift from bearish momentum.
