{"id":116658,"date":"2024-10-21T10:41:44","date_gmt":"2024-10-21T03:41:44","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=116658"},"modified":"2024-10-21T10:41:44","modified_gmt":"2024-10-21T03:41:44","slug":"bitcoin-buying-pressure-soars-will-btc-drop-to-66k-again","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=116658","title":{"rendered":"Bitcoin buying pressure soars: Will BTC drop to $66k again?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<ul>\n<li><em><span style=\"font-weight: 400;\">Buying pressure on Bitcoin remained high.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators suggested a price correction in the coming days.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After a cruise, <\/span><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has witnessed a correction in the last few hours. A latest report also pointed out a development that hinted at a price correction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto planned to check BTC\u2019s on-chain data to find out whether this correction will last or the trend will change again.\u00a0<\/span><\/p>\n<h2><b>How is Bitcoin doing?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin has lost its bullish momentum. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, the king coin\u2019s price increased by more than 8% in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the trend changed in the last 24 hours, as the coin\u2019s price only moved marginally. At the time of writing, the coin was trading at $68,423.71 with a market capitalization of over $1.35 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, Ali, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1847666218838442401\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> revealing an important development. As per the tweet, Bitcoin\u2019s key indicator, the TD sequential flagged a sell signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This indicated that investors might start selling the coin. Whenever selling pressure on an asset increases, it hints at a price decline. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as per our analysis of Glassnode\u2019s data, investors were starting to buy more BTC. It revealed that BTC\u2019s accumulation trend score increased from 0.5 to 0.7 last week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For starters, the Accumulation Trend Score is an indicator that reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A number closer to 1 represents a rise in buying pressure.<\/span><\/p>\n<div id=\"attachment_435007\" style=\"width: 1810px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435007\" class=\"wp-image-435007 size-full\" alt=\"Bitcoin's accumulation trend score increased\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1200x675.png 1200w\" data-lazy-sizes=\"(max-width: 1800px) 100vw, 1800px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435007\" class=\"wp-image-435007 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1.png\" alt=\"Bitcoin's accumulation trend score increased\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_btc-accumulation-trend-score-1-1200x675.png 1200w\" sizes=\"auto, (max-width: 1800px) 100vw, 1800px\"\/><\/a><\/p>\n<p id=\"caption-attachment-435007\" class=\"wp-caption-text\">Source: Glassnode<\/p>\n<\/div>\n<h2><b>Is BTC poised for a correction?.\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto dug deeper to find out what to expect from the king coin in the coming days. As per our analysis, Bitcoin\u2019s NVT ratio increased over the last few days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever the metric rises, it indicates that an asset is overvalued, hinting at a price drop in the coming days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, BTC\u2019s exchange reserve was dropping, meaning that selling pressure was dripping. The fact that investors were still buying BTC was further proven by its net deposit on exchanges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be precise, Bitcoin\u2019s net deposit on exchanges was low compared to the last seven-day average. Both of these metrics were bullish, as high buying pressure results in price upticks.\u00a0<\/span><\/p>\n<div id=\"attachment_435008\" style=\"width: 2030px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435008\" class=\"wp-image-435008 size-full\" alt=\"BTC's exchange reserve was dropping \" width=\"2020\" height=\"650\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM.png 2020w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-300x97.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1024x330.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-768x247.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1536x494.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1200x386.png 1200w\" data-lazy-sizes=\"(max-width: 2020px) 100vw, 2020px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435008\" class=\"wp-image-435008 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM.png\" alt=\"BTC's exchange reserve was dropping \" width=\"2020\" height=\"650\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM.png 2020w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-300x97.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1024x330.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-768x247.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1536x494.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-20-at-3.41.53\u202fPM-1200x386.png 1200w\" sizes=\"auto, (max-width: 2020px) 100vw, 2020px\"\/><\/a><\/p>\n<p id=\"caption-attachment-435008\" class=\"wp-caption-text\">Source: CryptoQuant<\/p>\n<\/div>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin (BTC) Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25\u00a0\u00a0<\/span><\/p>\n<hr\/>\n<p><span style=\"font-weight: 400;\">AMBCrypto then checked Bitcoin\u2019s daily chart to find out what to expect from it. We found that BTC was getting rejected at its resistance. Notably, its Relative Strength Index (RSI) was entering the overbought zone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If that happens, then Bitcoin might witness a price correction, causing BTC to drop to $66k again. In case of a continued bull run, BTC might touch $73k.\u00a0<\/span><\/p>\n<div id=\"attachment_435009\" style=\"width: 2720px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435009\" class=\"wp-image-435009 size-full\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1200x645.png 1200w\" data-lazy-sizes=\"(max-width: 2710px) 100vw, 2710px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435009\" class=\"wp-image-435009 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-20_15-52-01-1200x645.png 1200w\" sizes=\"auto, (max-width: 2710px) 100vw, 2710px\"\/><\/a><\/p>\n<p id=\"caption-attachment-435009\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a href=\"https:\/\/ambcrypto.com\/bitcoins-rising-liquidations-what-it-means-for-btc\/\" rel=\"prev\" data-wpel-link=\"internal\">Bitcoin\u2019s rising liquidations \u2013 What it means for BTC<\/a> <\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/ambcrypto.com\/bitcoin-buying-pressure-soars-will-btc-drop-to-66k-again\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying pressure on Bitcoin remained high.\u00a0 Market indicators suggested a price correction in the coming days.\u00a0 After a cruise, Bitcoin [BTC] has witnessed a correction in the last few hours. &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=116658\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-116658","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116658"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116658\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}