Bitcoin (BTC) Price Prediction: Will This Low Buying Pressure Cause BTC's Price to Drop in the Coming Days?

Bitcoin [BTC], at press time, had successfully climbed above $100k, but there may be some trouble ahead. In fact, despite crossing this major resistance level

Bitcoin [BTC] price had managed to climb above $100K at press time, but there may be some trouble brewing. Because despite crossing this major resistance level, buying pressure has remained low.

So the question is – Will this low buying pressure cause BTC’s price to drop in the coming days?

Here’s what up with Bitcoin

The king coin was trading at $101.9K with a market capitalization of over $2 trillion at the time of writing. This, after it dropped as low as $97.5K over the last 48 hours alone.

Soon after, Santiment, a popular data analytics platform, shared that buy calls were silent on social media as the week closed. This chart will be useful for Bitcoin’s next big swing, indicating when to buy (crowd is panicking) and sell (crowd is euphoric).

AMBCrypto observed that BTC’s exchange supply dropped as well over the last few days. This denoted that buying pressure on Bitcoin was rising. But while that happened, the coin’s out of exchange supply also fell, indicating further a decline in selling pressure.

Source: Santimemt

What BTC’s indicators are saying

Apart from this, BTC’s exchange reserves were also falling, as per CryptoQuant’s data. This further established the fact that buying pressure was high.

Moreover, Bitcoin’s Rainbow chart flashed another positive signal. According to the same, BTC was still in an accumulation trend. This suggested that the coming days may see a further price hike.

On the contrary though, the fear and greed index showed that the market was in a “greed” phase over the last 24 hours. This indicated a possible price correction.

Hence, AMBCrypto checked Bitcoin’s daily chart. From our analysis, BTC’s Money Flow Index (MFI) registered an uptick, indicating a rise in buying pressure. If the buying uptick sustains itself, Bitcoin might breach $102K soon.

Read Bitcoin’s [BTC] Price Prediction 2024-25

It is worth noting, however, that the Chaikin Money Flow (CMF) moved south. This may hinder any Bitcoin efforts to head further north.

Source: TradinghView