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Bitcoin: How THIS can push prices back down to $85K
A key metric has hinted at the possibility of a price drop towards $78k, and experts warn that if selling pressure continues to rise, it’s not impossible for Bitcoin to fall to the $85k range again in the near-term.
The Pi Cycle Top indicator, a widely followed technical metric, pointed to a possible market bottom at around $78k. While this doesn’t necessarily mean that prices will drop, it does suggest that there is a possibility of a downward correction.
Additionally, selling pressure on Bitcoin has been increasing, as evidenced by the spot exchange reserves, which recorded a significant uptick with 20k BTC inflows. This increase in selling pressure often has a negative impact on prices.
Furthermore, the taker buy/sell ratio from CryptoQuant turned red, indicating dominant selling sentiment in the futures market. The Money Flow Index (MFI) also registered a downtick, suggesting that investors are no longer buying into the hype.
The situation is dire for Bitcoin bulls, as the possibility of another drop to $85k becomes increasingly plausible.
Source: ambcrypto.com
