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Bitcoin Demand Momentum Shows Bears Are Giving Up – Price Reversal Ahead?
The Bitcoin landscape appears to be undergoing a significant shift as demand momentum plummets into negative territory, indicating a change in sentiment among market participants. Simultaneously, trading volume has surged by 20% within the past day, approaching a staggering $47 billion daily turnover. The collective evidence suggests that bears are surrendering, paving the way for a potential price reversal.
A recent chart shared by Crypto Rover underscores the dramatic shift in momentum. As seen on the graph, Bitcoin’s demand momentum has dramatically plunged into negative territory, signifying a shift from short-term selling to long-term buying. Historically, such an occurrence tends to coincide with market bottoms and often precedes major price rallies.
The sharp drop in demand momentum coupled with rising global liquidity trends hints at a potential reversal. In fact, the data suggests that Bitcoin’s current trajectory mirrors the 2023 period when it skyrocketed from $60,000 to $120,000 within a brief span of time.
Meanwhile, massive whale bets are further bolstering bullish sentiments. One prominent player has placed an enormous 20x long position on Bitcoin, valued at over $364 million, reflecting growing confidence in the asset’s potential.
As trading volumes continue to rise and the bears appear to be giving up, market participants should focus on key technical indicators for confirmation of this impending reversal. In the short term, it is crucial that Bitcoin holds above the $103,400 support level to alleviate concerns about a deeper correction. Meanwhile, the MACD and RSI should display bullish crossovers in order to solidify the outlook.
At press time, Bitcoin trades at around $103.693, having fallen 2.2% within the past day. The asset’s market capitalization has surged to approximately $2.06 trillion as trading continues.
Source: coinpedia.org
