{"id":5194,"date":"2020-10-25T19:00:50","date_gmt":"2020-10-25T19:00:50","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=447601"},"modified":"2020-10-25T19:00:50","modified_gmt":"2020-10-25T19:00:50","slug":"this-metric-shows-bitcoin-is-ultra-bullish-despite-waning-momentum","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/this-metric-shows-bitcoin-is-ultra-bullish-despite-waning-momentum\/","title":{"rendered":"This Metric Shows Bitcoin is Ultra-Bullish Despite Waning Momentum"},"content":{"rendered":"

Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing its ascent as bulls struggle to maintain their recent strength.<\/p>\n

Yesterday, the benchmark cryptocurrency<\/a> surged to its yearly highs at over $13,300, but the selling pressure here was quite significant and stopped it from seeing any tremendous momentum.<\/p>\n

It is now consolidating around $13,000, with bulls and bears both being unable to spark any short-term trend.<\/p>\n

It is important to keep in mind that each rejection within the mid-$13,000 region hasn’t been too intense, with buyers rapidly absorbing the selling pressure. This is a bullish sign.<\/p>\n

One analyst is now pointing to a fundamental metric that indicates serious upside could be imminent. He notes that exchange balances have been rapidly declining since March and that whales have yet to begin offloading their holdings.<\/p>\n

Because some of the cryptocurrency’s largest holders are not interested in selling their holdings at these prices, this indicates that further upside could be imminent.<\/p>\n

Bitcoin Struggles to Maintain Momentum as Resistance Holds Strong<\/strong><\/h2>\n

At the time of writing, Bitcoin is trading down just over 1% at its current price<\/a> of $13,000.<\/p>\n

BTC has been trading at this price level throughout the past few days. Bulls and bears have not taken control of its near-term trend, and the selling pressure it faces at just above where it is currently trading is significant.<\/p>\n

The fact that this resistance has not been able to spark any selloffs is promising, however, and could indicate that bulls control its price action.<\/p>\n

For this to be confirmed, another impulse higher that breaks the imminent selling pressure it faces is required.<\/p>\n

This Fundamental Factor Suggests BTC is Incredibly Bullish<\/strong> <\/strong><\/h2>\n

There is one fundamental factor that suggests Bitcoin<\/a> is highly bullish despite the recent inflows of selling pressure.<\/p>\n

One analyst pointed to<\/a> declining BTC exchange balances, noting that this shows that retail investors and whales alike aren’t interested in selling their BTC at the current price levels.<\/p>\n

\n

“Bitcoin’s macro view remains bullish as the Exchange $BTC Balances continue to decline sharply since March (whales are not yet selling. Even at $13,000.) There’s also around 136k BTC currently locked in WBTC\/RenBTC.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Squeeze. Chart via CryptoQuant.<\/pre>\n
The coming few days should shine a light on whether or not bulls will translate this fundamental strength into further upside.<\/p>\n
Featured image from Unsplash.\nBTCUSD pricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing…<\/p>\n","protected":false},"author":1,"featured_media":5195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5194"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5194"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5195"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}