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Bitcoin: How THIS can push prices back down to $85K
A key metric has suggested the possibility of a price drop towards $78k again for Bitcoin (BTC). As per the Pi Cycle Top indicator, there is a possible market bottom at this level. The rise in selling pressure on BTC could also be the reason behind the potential decline.
The king coin’s price registered a 0.5% uptick over the past day and is currently trading at $94,937.45 with a market capitalization of over $1.88 trillion. However, this volatility dropped significantly. A tweet by Alphractal mentioned that losing the 85k region could be disastrous for the price, which might lead to a bear market.
This has sparked concerns among investors about a possible drop in the price of BTC. The data suggests that between 85k and 86k, bulls will do everything they can to maintain the price.
The Pi Cycle Top indicator hinted at a possible market bottom near $78k. This does not rule out the possibility of BTC falling to $85k.
Further, selling pressure on the king coin has been rising. AMBCrypto reported earlier that Bitcoin’s spot exchange reserves recorded a significant uptick with 20k BTC inflows after declining consistently over the past month due to investors getting their assets off exchanges. This rise means that investors are selling their holdings, which could negatively impact prices.
Additionally, the derivatives market did not look promising. According to CryptoQuant’s data, Bitcoin’s taker buy/sell ratio turned red, signifying dominant selling sentiment in the futures market.
The Money Flow Index (MFI) also registered a decline. This has led to concerns that selling pressure will continue to rise, and it may lead to BTC falling back down to the $85k level again in the near-term.
In light of these data points, one can conclude that the price drop towards $85K is very much a possibility.
Source: ambcrypto.com
