$107M Bitcoin buy pushes BTC to a 12% gain – But THESE hurdles signal…
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The Bitcoin Bull Index recently crossed into a new high, suggesting that the asset has a strong tendency to rally. Analysis showed that the $95,000 region might pose greater downward risk for Bitcoin. The market direction now appears decisive for Bitcoin [BTC] to maintain its bullish trend. The asset has continued on this path, with the last two weeks showing the clearest movement—a 12% price surge. This trend is likely to continue, as more market indicators have surfaced that strengthen the potential for a market rally. However, the obstacles ahead remain a real threat to Bitcoin’s upward movement. Why is Bitcoin bullish? Bitcoin is firmly in bullish territory, as confirmed by the Bitcoin Bull Score Index, which evaluates several key market metrics, including price momentum indicators and liquidity flow. This index signals proximity to a bull market, with readings of 60 or higher, while values of 40 or lower indicate distance from a rally. At present, Bitcoin’s score stands at exactly 60, underscoring its bullish momentum. Source: CryptoQuant The Fear and Greed Index on CoinMarketCap indicates the market is currently in a stable phase, supporting the potential for a continued rally. With a current reading of 51, the index reflects healthy buying activity, as evidenced by Bitcoin’s 0.63% price increase in the last 24 hours. An analysis of the Exchange Netflow further highlights strong buying pressure. At the time of writing, investors purchased $107.89 million worth of Bitcoin from exchanges, transferring it to private wallets. This substantial buying volume accounts for nearly one-quarter of the previous week’s total purchases, which amounted to $461.23 million. If this high level of demand persists, Bitcoin will be well-positioned for further upward momentum. However, an analysis by AMBCrypto identified several potential resistance zones that could pose challenges to a sustained rally. How will obstacles…
Filed under: News - @ April 28, 2025 5:25 pm