Bitcoin: Why a pullback could be looming after the latest $100,000 milestone
The post Bitcoin: Why a pullback could be looming after the latest $100,000 milestone appeared on BitcoinEthereumNews.com.
Bitcoin forms bearish divergence after impressive rally that pushed above $100,000. Assessing whether BTC sell pressure could be building-up, potentially signaling profit-taking. It is an interesting day for the Bitcoin [BTC] community as the cryptocurrency achieves one of its most noteworthy milestones. Price soared above $100,000 for the first time in history. But what’s next for the king of the cryptocurrencies? Bullish December is unfolding well for Bitcoin as its price action pushed as high as $103,620 in the last 24 hours. But what next for BTC after this impressive milestone? Well, its price action may offer insights into the next possible move. Source: TradingView While Bitcoin has been hitting higher highs, its RSI has been forming lower highs. As a result, the cryptocurrency is forming a bearish divergence. This suggests that a wave of sell pressure could commence soon. No signs of Bitcoin bears yet There is a significant chance that Bitcoin could stay above the $100,000 price level and possibly extend its upside in the coming days. However, a pullback is inevitable, especially as sell pressure starts building up. That may already be happening as evident by BTC exchange flows. CryptoQuant revealed that exchange flows dipped significantly in the last 24 hours, indicating a momentum slowdown. More notably, exchange inflows peaked at 28,466 BTC on 5th December, compared to 27,945 BTC in exchange outflows. Source: CryptoQuant Higher exchange inflows than outflows could signal a build-up in sell pressure. However, Bitcoin continued extending its upside and this could also be explained by on-chain data. Demand from the derivatives segment remained strong as evident by the surge in open interest. The latter clocked a new ATH at $65.23 billion at the time of writing. Source: Coinglass Bitcoin funding rates remained positive, surging to a new 2-week high as a reflection…
Filed under: News - @ December 6, 2024 11:23 am