Bitcoin’s Supply on Exchanges Drops

• Bitcoin’s supply on exchanges dropped over the last few days.
• The Money Flow Index (MFI) showed an uptick in buying pressure on the charts.

Bitcoin (BTC), at press time, had successfully climbed above $100k, but there may be some trouble ahead. Despite crossing this major resistance level, buying pressure has remained somewhat low.

What’s Up with Bitcoin?
At the time of writing, the king coin was trading at $101.9k with a market capitalization of over $2 trillion. This follows a brief drop under $97.5k over the last 48 hours.

Soon after, Santiment, a popular data analytics platform, noted that as the week closed, buy calls were quiet on social media. For Bitcoin’s next big swing, this chart will be highly useful for determining when to buy (while the crowd is panicked) and when to sell (while the crowd is greedy).

AMBCrypto found that Bitcoin’s supply on exchanges had dropped over the last few days, indicating rising buying pressure. While this occurred, the coin’s supply outside of exchanges also fell, pointing to a decline in selling pressure.

What to Expect from BTC
In addition, BTC’s exchange reserves have been falling, as per CryptoQuant’s data, establishing the fact that buying pressure remains high.

Moreover, Bitcoin’s Rainbow chart revealed another positive signal. According to this chart, BTC is still within the accumulation trend, suggesting a potential further price increase in the coming days.

On the flip side, the fear and greed index has shown that the market was in a “greed” phase over the last 24 hours, indicating the possibility of a price correction.

AMBCrypto checked Bitcoin’s daily chart, confirming that the MFI registered an uptick, indicating a rise in buying pressure. If this uptick in buying sustains, Bitcoin might soon breach $102k.

Read Bitcoin’s Price Prediction 2024-25

It is worth noting, however, that the Chaikin Money Flow (CMF) moved south, which could hinder any efforts for Bitcoin to rise further.